Lead Plaintiff Deadline is May 2, 2016

NEW YORK, March 03, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the District of Connecticut on behalf of purchasers of Teekay Corporation (NYSE:TK) securities from June 30, 2015 through December 17, 2015, inclusive (the “Class Period”).

Shareholders who incurred losses on Teekay Corporation securities purchased within the class period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

If you purchased shares of Teekay Corporation within the period June 30, 2015 through December 17, 2015, inclusive, you may, no later than May 2, 2016, request that the Court appoint you lead plaintiff of the proposed class.

According to the filed complaint, throughout the Class Period, Defendants issued materially false and misleading statements to investors 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, 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 Teekay’s master limited partnerships – Teekay LNG Partners LP and Teekay Offshore Partners LP – could not possibly sustain such high dividends; and (4) as a result, Teekay’s public statements about the strength of its business and financial condition were materially false and misleading and/or lacked a reasonable basis at all relevant times.

After the close of trading on December 16, 2015, Teekay disclosed 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.”

On December 17, 2015, as a result to this shocking disclosure, Teekay Corporation shares closed at $7.27, down $10.22 for the day, a decline of 58%.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.  All e-mail correspondence should make reference to the “Teekay Investigation.”

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP 
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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