San Diego, CA -- (SBWIRE) -- 04/18/2016 -- A deadline is coming up on May 2, 2016 in the lawsuit filed for investors of Teekay Corporation (NYSE:TK over alleged securities laws violations by Teekay.

Investors who purchased shares of Teekay Corporation (NYSE:TK) have certain options and there are strict and short deadlines running. Deadline: May 2, 2016. NYSE:TK stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint filed in the U.S. District Court for the District Court of Connecticut the plaintiff alleges on behalf of purchasers of Teekay Corporation (NYSE:TK) common shares that 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 declind 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.

On April 14, 2016, NYSE:TK shares closed at $10.45 per share.

Those who purchased shares of Teekay Corporation have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com