BOSTON, March 23, 2016 /PRNewswire/ -- Shares of Amaya
Inc. ("Amaya" or the "Company") (NASDAQ: AYA) have dropped
precipitously in early trading on March 23,
2016 on the news that its chief executive officer faces
insider trading charges. Quebec's securities regulator Autorite des
march financiers (the "AMF") announced that it has charged Amaya's
CEO and founder, David Baazov and
other key insiders with influencing the Company's stock price.
The revelations are the culmination of the largest insider
trading investigation in Canada's
history. The AMF has been working in conjunction with the
Royal Canadian Mounted Police, Quebec Police, and U.S. regulators to
determine why a large number of investors placed forward looking
bets on Amaya's stock in advance of its $3.8
billion merger with industry stalwart PokerStars.
Following the 2014 PokerStars acquisition, Amaya stock more than
doubled. In addition to Baazov, Benjamin Ahdoot, a lifelong friend of Baazov and
manager of the Company, and Yoel
Altman were also charged. Baazov's older brother
Josh Baazov was among 13 individuals
served with cease trade orders by the AMF.
The AMF has stated that its investigation is ongoing and it may
file additional charges. On news of the charges against
Baazov, Amaya stock declined approximately 20%, resulting in a loss
of market capitalization to shareholders of approximately
$275 million.
Based on the recent announcements, Block & Leviton LLP
(www.blockesq.com), a securities litigation firm representing
investors nationwide, is investigating whether the Company and its
officers and directors may have violated federal securities
laws. Block & Leviton represents a number of the nation's
largest institutional investors, has offices in Boston and the Bay Area and has recovered more
than a billion dollars for its clients.
If you purchased or otherwise acquired Amaya securities on or
before March 23, 2016, and have questions about your legal
rights or possess information relevant to this investigation,
please contact either attorney Steven Harte at (617)
398-5600 or email him
at Steven@blockesq.com. Confidentiality to whistleblowers
or others with relevant information is
assured.
This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven Harte
155 Federal St
Boston MA 02110
(617) 398-5600
Steven@blockesq.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amaya-inc-investigated-for-potential-securities-law-violations-by-block--leviton-llp-300240371.html
SOURCE Block & Leviton LLP