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Shareholder Alert: Robbins Arroyo LLP Announces Acquisition of Teekay Offshore Partners L.P. (TOO) by Brookfield Asset Management Inc. (BAM) May Not Be in Unitholders’ Best Interests

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SAN DIEGO & HAMILTON, Bermuda–(BUSINESS WIRE)–$TOO #classaction–Robbins Arroyo LLP announces that shareholders of Teekay Offshore Partners L.P. (“Teekay”) have filed a class action complaint against Teekay (NYSE: TOO) and Brookfield Asset Management Inc. (NYSE: BAM), among others, in regard to the agreement by Teekay Corporation (NYSE: TK) to sell its remaining interests in Teekay to Brookfield. Under the terms of the agreement, Brookfield will purchase Teekay Corporation’s remaining interests in Teekay, including the 49% general partner interest, common units, warrants, and an outstanding $25 million loan, for total proceeds of $100 million in cash

If you own units of Teekay, click here.

Is the Proposed Acquisition Best for Teekay Offshore Partners L.P. and Its Unitholders?

According to the complaint, Teekay is a leading services provider in the offshore petroleum industry that saw its stock price decline 90% over three years due to declining oil prices, increased competition, and poor management. In response to Teekay’s deteriorating financials, Brookfield made a white-knight offer that ultimately grew to an over $.15 billion investment and allowed Teekay to pay off debt, retire preferred units and save on dividend payments, and purchase assets that would promise to lead to growth. The result was to keep Teekay’s debt level high and dividend payouts low.

In making a play for the remaining shares of Teekay, Brookfield revealed that it deliberately depressed Teekay’s common unit trading price so it could buy the remaining units for less than Teekay’s already depressed trading price and squeeze out non-affiliated common unitholders. Brookfield is likely to gain approval from Teekay’s conflicted Conflicts Committee. Teekay has allowed Brookfield to intentionally depress Teekay’s common unit price, and despite having been informed of the common unitholders’ protests, has taken no action to protect the interests of the common unitholders.

Teekay Offshore Partners L.P. (TOO) Unitholders Have Legal Options

Contact us to learn more:

Leo Kandinov

(800) 350-6003

lkandinov@robbinsarroyo.com

Shareholder Information Form

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.

Contacts

Leonid Kandinov

Robbins Arroyo LLP

5040 Shoreham Place

San Diego, CA 92122

lkandinov@robbinsarroyo.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsarroyo.com

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Business Wire

Federman & Sherwood Announces Filing of Securities Class Action Lawsuit Against Textron, Inc.

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OKLAHOMA CITY–(BUSINESS WIRE)–#ClassAction–Federman & Sherwood announces that on August 22, 2019, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Textron, Inc. (NYSE: TXT). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 31, 2018 through October 17, 2018.

To learn how to participate in this action, please visit https://www.federmanlaw.com/blog/federman-sherwood-announces-the-filing-of-a-securities-class-action-lawsuit-against-textron-inc/

Plaintiff seeks to recover damages on behalf of all Textron, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, October 21, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:

Robin Hester

FEDERMAN & SHERWOOD

10205 North Pennsylvania Avenue

Oklahoma City, OK 73120

Email to: rkh@federmanlaw.com

Or, visit the firm’s website at www.federmanlaw.com

Contacts

Robin Hester 

FEDERMAN & SHERWOOD 

rkh@federmanlaw.com

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Business Wire

Federman & Sherwood Announces Filing of Securities Class Action Lawsuit Against Textron, Inc.

Business Wire

Published

on

Reading Time: 1 minute

OKLAHOMA CITY–(BUSINESS WIRE)–#ClassAction–Federman & Sherwood announces that on August 22, 2019, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Textron, Inc. (NYSE: TXT). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 31, 2018 through October 17, 2018.

To learn how to participate in this action, please visit https://www.federmanlaw.com/blog/federman-sherwood-announces-the-filing-of-a-securities-class-action-lawsuit-against-textron-inc/

Plaintiff seeks to recover damages on behalf of all Textron, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, October 21, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:

Robin Hester

FEDERMAN & SHERWOOD

10205 North Pennsylvania Avenue

Oklahoma City, OK 73120

Email to: rkh@federmanlaw.com

Or, visit the firm’s website at www.federmanlaw.com

Contacts

Robin Hester 

FEDERMAN & SHERWOOD 

rkh@federmanlaw.com

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Business Wire

UBS Group AG and Merrill Lynch Are Being Investigated for Sales of Unsuitable Investments

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OKLAHOMA CITY–(BUSINESS WIRE)–#ClassAction–Federman & Sherwood has initiated an investigation of UBS Group AG and Merrill Lynch. UBS Group AG (NYSE: UBS) sold a very complex investment strategy called Yield Enhancement Strategy (YES). Merrill Lynch sold a similar product called the Collateral Yield Enhancement Strategy (CYES). The primary strategy of these complex trading strategies, both of which utilized leverage and borrowed money putting investors at further risk, is called an “Iron Condor”. This involves simultaneously entering into multiple option positions at the same time while essentially betting on the volatility of the market and certain indexes. These products, which had very high commissions, were peddled to retail customers with a focus on widows, retirees and elderly looking for yield. The brokerage firms apparent excuse is that the retail customers were given offering documents that “fully” explained the investments and therefore accepted the risk while relying on their brokers assurances that the investments were suitable. Federman & Sherwood, a boutique securities litigation law firm with over 37 years of experience, is investigating both UBS and Merrill Lynch for their sales practices in selling unsuitable investments.

If you have information about UBS or Merrill Lynch sales practices or invested in these highly-leveraged products and lost money, please contact William Federman at (405) 235-1560 or by email wbf@federmanlaw.com. Federman & Sherwood has extensive nationwide experience in representing investors in securities, derivative and merger-related shareholder class actions, and has been appointed as lead counsel in multiple complex cases.

Contacts

Robin Hester

FEDERMAN & SHERWOOD

Telephone: (405) 235-1560

Email to: adb@federmanlaw.com

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