WILMINGTON, Del., March 03, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Teekay Corporation (NYSE:TK)?
- Did you purchase your shares between June 30, 2015 and December 17, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Connecticut on behalf of all persons or entities that purchased the common stock of Teekay Corporation (“Teekay” or the “Company”) (NYSE:TK) between June 30, 2015 and December 17, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Teekay during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/teekay-corporation-tk.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 30, 2015, the start of the Class Period, Defendants increased Teekay’s quarterly dividend 75% to $0.55 per share. At the same time, Defendants assured investors that the Company would at least maintain this higher dividend, and that Teekay intended to increase the dividend by 15-20% in the coming years. However, on December 16, 2015, Teekay shocked the market when it announced that it was slashing its dividend by 90% - from $0.55 per share to just $0.055 per share.
On this news, shares of Teekay plummeted over 58%, closing at $7.27 per share on December 17, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than May 2, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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