NEW YORK, Nov. 12, 2008 (GLOBE NEWSWIRE) -- Roy Jacobs & Associates announces that it is investigating possible securities law violations by Teekay Corp. (NYSE:TK) ("Teekay" or the "Company") as a result of the announcement by the Company on August 7, 2008 of a major restatement of its financial statements from 2003 through the end of the second quarter of 2008, to account for hedging transactions which were improperly accounted for in apparent violation of accounting rules as set forth in Financial Accounting Standard 133. It is anticipated that the restatement may materially change previously reported earnings results, including earnings for the June 30, 2008 quarter.
For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to rjacobs@jacobsclasslaw.com.
As a result of the announcement of this adverse news, Teekay shares dropped 16%. Thereafter Teekay shares continued to decline and the stock price has never recovered, despite a continuation of the Company's share buy-back program. Such programs generally have the effect of stabilizing or increasing a company's share price.
If you bought Teekay common stock during the (i) period from April 23, 2003 through August 6, 2008, and suffered a loss (whether or not you have sold your shares), or (ii) held shares on or prior to April 23, 2003 and still intend to hold your shares, and you are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you.