NEW YORK, April 29, 2016 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a global investor rights law firm, reminds investors that May 2, 2016 is the last day to file lead plaintiff papers in the securities lawsuit against Teekay Corporation (NYSE:TK) (“Teekay” or “Company”) and certain of its directors (collectively, “Defendants”).  Teekay investors are encouraged to contact Scott+Scott at (800) 404-7770 or email scottlaw@scott-scott.com to discuss their legal rights.

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%.

About the Lawsuit

The complaint alleges that between June 30, 2015 and December 17, 2015, inclusive (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.

What You Can Do

If you purchased shares of Teekay stock, you may have legal claims against the Company.  If you want to discuss filing lead plaintiff papers, or have questions about your legal rights, please contact by telephone at (800) 404-7770, or by email at scottlaw@scott-scott.com or mburnett@scott-scott.com.

About Scott + Scott, Attorneys at Law, LLP

Scott+Scott has significant experience prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm has offices in New York, London, Connecticut, California, and Ohio.  Please visit www.scott-scott.com for more information about the firm.

CONTACT:

Michael Burnett
Scott+Scott, Attorneys at Law, LLP
(800) 404-7770
(860) 537-5537
scottlaw@scott-scott.com, or
mburnett@scott-scott.com

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