Bridgewater Associates Plans Major Employee Ownership Expansion in Milestone Year 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Trump Signals Push for Lower Health Insurance Prices as ACA Premium Concerns Grow 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
 - EconoTimes)
NEW YORK, March 04, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Teekay Corporation (“Teekay” or the “Company”) (NYSE:TK) in the United States District Court for the District of Connecticut on behalf of a class consisting of all persons or entities who purchased Teekay securities 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”).
The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s repeated assurances that it would maintain a quarterly dividend of at least $0.55 per share were baseless; (2) the Company knew, based on then-present facts, that it could not support future dividend payments in excess of $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 possibly sustain such high dividends; and (4) Teekay misled the market about the strength of its business and financial condition.
On December 16, 2015, Teekay issued a press release in which it announced that the Company’s “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.” On this news, Teekay’s share price declined 58%.
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. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
