BOSTON, April 06, 2016 (GLOBE NEWSWIRE) -- 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.
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Source:Block & Leviton LLP