On March 23, 2016, the Autorité des marchés financiers (AMF), the Quebec Securities Regulator, issued a press release stating it was filing 23 charges against Amaya Inc.’s CEO, Mr. David Baazov, and his coterie, in what the Globe and Mail has called the largest insider trading investigation in Canadian history.
The proposed class action is against Amaya, its former CEO and its directors and officers for making misrepresentations about its code of conduct, omissions of material fact in its publicly released documents and for engaging in a massive insider trading scheme which manipulated the price of Amaya’s publicly traded securities while it was raising capital to acquire its rivals.
The proposed class members are the following:
Other than the “Excluded Persons” (as defined further below):
All persons and entities that acquired or purchased Amaya’s securities during the Class Period.
“Class Period” means the period from March 31, 2014 to March 22, 2016, inclusively;
“Excluded Persons” means the Defendants, members of the immediate families of the Individual Defendants, and the directors, officers, subsidiaries, affiliates of Amaya and its subsidiaries;
If you fit the criteria above, you are automatically included in the class. Nevertheless, if you would like to receive updates, you may sign up for mailings or contact us at email@example.com.
The proposed class action has not yet been authorized by the Superior Court of Quebec and is currently pending before same.