Block & Leviton Files Class Action Lawsuit Against Amaya Inc. for Violations of the Federal Securities Laws
April 05 2016 - 11:05PM
Block & Leviton LLP (www.blockesq.com), a Boston-based law firm
representing investors nationwide, has filed a class action lawsuit
against Amaya Inc. ("Amaya" or the "Company") (NASDAQ:AYA) and
certain of its officers and directors following the Company's
announcement that its CEO faces insider trading charges. The
class action affects all investors in Amaya securities purchased on
the Nasdaq exchange between June 8, 2015 and March
23, 2016.
The case is pending in the United States District Court for the
Southern District of New York, captioned Weisman v. Amaya
Inc., et al., and alleges that Amaya’s CEO was engaged in an
insider-trading scheme and that the Company failed to disclose that
it lacked adequate internal controls, resulting in harm to
investors.
On March 23, 2016, 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 insider trading. 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 prior to its $3.8 billion merger with
industry stalwart PokerStars.
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. Baazov has since taken indefinite leave from Amaya to
address the charges.
If you wish to serve as a lead plaintiff, you must move the
Court no later than May 24, 2016. As a member of the
class, you may move to serve as a lead plaintiff or take no action
and remain an absent class member. If you have questions about your
legal rights, would like a copy of the complaint or if you have
information relevant to this lawsuit, please contact
attorney Steven Harte of Block & Leviton
LLP, www.blockesq.com, at (617) 398-5600 or
at Steven@blockesq.com or attorney Bradley
Vettraino at (617) 398-5600 or Bradley@blockesq.com.
Confidentiality to whistleblowers or others with information
relevant to the lawsuit is assured.Block & Leviton LLP
(www.blockesq.com) is a securities litigation firm representing
investors nationwide and its investigations into corporate
wrong-doing have recently been covered by the New York Times.
With offices in both offices in Boston and the Bay
Area, Block & Leviton represents some of the nation's largest
institutional investors and has recovered more than a billion
dollars for its clients.
This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven Harte
Bradley Vettraino
155 Federal St
Boston MA 02110
(617) 398-5600
Steven@blockesq.com
Bradley@blockesq.com
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