This securities class action arises out of the Defendant David Baazov’s (“Baazov”) alleged market manipulation scheme to drive up the price of Amaya Inc.’s (“Amaya”) share price and increase the value of his considerable stake in the company.
On February 1, 2016, Baazov published a public document indicating that he intended to make an offer to purchase all of Amaya’s outstanding stock and take the company private. Following the publication of this document, the value of Amaya’s shares jumped by 17%. A second similar document was published on November 14, 2016 in which Baazov made a formal offer to acquire Amaya at the price of CDN$24/share. Subsequent to this news, the value of Amaya’s shares jumped once again by another 12%. It was later revealed, and admitted by Baazov himself, that he did not have the financing required to make his offers and take Amaya private. This class action alleges that Baazov hatched a scheme to drive up Amaya’s share price so he could increase the value of his holdings in the company.
The Class Period concerned in this class action is from February 1, 2016 to November 21, 2016 inclusive.
All persons and entities who purchased Amaya Inc. securities from February 1, 2016 to November 21, 2016 inclusive and held all or some of those securities as of November 22, 2016, other than the Defendant and members of his immediate family.
The proposed class action has not yet been authorized by the Superior Court of Quebec and is currently pending before same. 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.