Teekay Corporation (NYSE: TK) Investor Securities Class Action Lawsuit 03/01/2016

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Company Name(s): 
Teekay Corp.
Case Name: 
Teekay Corp. Shareholder Class Action Lawsuit 03/01/2016
Case Status: 
Case Dismissed
Affected Securities
NYSE: TK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/01/2016
Class Period Begin: 
02/19/2015
Class Period End: 
12/16/2015
Court of Filing: 
U.S. District Court for the District of Connecticut
Deadline To File for Lead: 
05/02/2016
Case Dismissed: 
11/07/2017
Summary: 

November 7, 2017 - The court granted defendants' motion to dismiss with prejudice.

March 14, 2017 - Defendants filed a motion to dismiss.

January 13, 2017 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Teekay Corporation (NYSE: TK) common shares between February 19, 2015 and December 16, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 19, 2015 and December 16, 2015.

November 18, 2016 - The case was transferred to the U.S. District Court for the Western District of Washington.

November 7, 2016 - Lead plaintiff and lead counsel were appointed.

May 2, 2016 - Lead plaintiff motions were filed.

March 1, 2016 - An investor in shares of Teekay Corporation (NYSE: TK) filed a lawsuit in the U.S. District Court for the District Court of Connecticut over alleged violations of Federal Securities Laws by Teekay Corporation in connection with certain allegedly false and misleading statements made between June 30, 2015 and December 17, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Teekay Corporation (NYSE: TK) common shares between June 30, 2015 and December 17, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 30, 2015 and December 17, 2015 defendants made allegedly false and/or misleading statements and/or failed to disclose that Teekay Corporation’s repeated assurances that it would maintain a quarterly dividend of at least $0.55 per share were baseless, that Teekay Corporation knew, based on then-present facts, that it could not support future dividend payments in excess of $0.55 per share, that the cash flows from the Company’s master limited partnerships (“MLPs”) – Teekay LNG Partners LP (“TGP”) and Teekay Offshore Partners LP (“TOO”) – could not possibly sustain such high dividends; and (4) Teekay misled the market about the strength of its business and financial condition.

Shares of Teekay Corporation (NYSE: TK) grew from $26.16 per share in June 2012 to as high as $67.12 per share in October 2014.

On February 19, 2015, Teekay Corporation reported its fourth quarter and annual 2014 results. Teekay Corporation reported that annual total Revenue rose from over $1.83 billion in 2013 to over $1.99 billion in 2014 and that its Net Loss declined from $114.74 million in 2013 to $54.76 million in 2014.

On December 16, 2015 Teekay Corporation (NYSE: TK) announced that its Board of Directors has approved a plan to reduce 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. Shares of Teekay Corporation (NYSE: TK) to as low as $4.37 per share on January 20, 2016.