NEW YORK, March 3, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against Teekay Corporation ("Teekay" or the "Company") (NYSE: TK). The class action has been filed in the United States District Court of Connecticut on behalf of a class consisting of all persons or entities who purchased Teekay securities during the period between June 30, 2015 and December 17, 2015 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Teekay started as a regional shipping company and tanker operator. Today, Teekay is the world's largest marine energy transportation, storage and production company, Diversified fleet has over $12 billion in assets and some of the largest fleets in the Company's core markets.
On December 16, 2015, Teekay announced that its "Board of Directors would be reducing the Company's quarterly dividend to 0.055 per share, down from 0.55 per share in the third quarter of 2015, commencing with the fourth quarter of 2015 dividend payable in February 2016." Following this news, Teekay stock dropped 58%.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Teekay's repeated assurances that it would maintain a quarterly dividend of at least $0.55 per share were baseless; (2) Teekay knew that it could not support forthcoming dividend payments of more than $0.55 per share; (3) the cash flows from the Company's master limited partnerships ("MLPs") – Teekay LNG Partners LP ("TGP") and Teekay Offshore Partners LP ("TOO") – could not withstand these high dividends; and (4) Teekay misinformed the market about the strength of its business and financial condition.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!tk/zk6ag. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Teekay you have until May 2, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org
SOURCE Bronstein, Gewirtz & Grossman, LLC