GPM Reminds Investors of the May 2 Deadline in the Class Action Lawsuit against Teekay Corporation and Encourages Investors to Contact the Firm

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 2, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased Teekay Corporation (“Teekay” or the “Company”) (NYSE: TK) securities between June 30, 2015 and December 17, 2015, inclusive (the “Class Period”). Teekay investors have until May 2, 2016 to file a lead plaintiff motion.

Teekay primarily receives most of its revenue from distributions paid by its master limited partnerships Teekay LNG Partners LP and Teekay Offshore Partners LP. Due to this relationship, the higher the distributions paid by the master limited partners to their investors, the more money that Teekay could then distribute in dividends to investors.

The complaint alleges that throughout the Class Period, Defendants issued 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; and (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.

However, on December 16, 2015, Teekay disclosed that it was reducing its dividend by as much as 90%. As a result, the price of Teekay common stock fell from $17.49 per share on December 16, 2015 to just $7.27 per share on December 17, 2015, thereby injuring investors.

If you purchased Teekay shares, you may move the Court no later than May 2, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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