Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Amaya, Inc.
Oklahoma City, OK (April 7, 2016) – On March 25, 2016, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Amaya, Inc. (NASDAQ: AYA). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is June 8, 2015 through March 22, 2016. More specifically, this litigation was filed because the Company made false and/or misleading statements and/or failed to disclose: (1) that the Company’s Chief Executive Officer (“CEO”) was engaged in an insider trading scheme that involved influencing the market price of the Company’s securities and communicating privileged information to third parties; (2) the Company lacked adequate internal controls; and (3) that, as a result of the foregoing, Defendants’ statements about Amaya’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 23, 2016, it was reported that the Company’s CEO, David Baazov, was charged with insider trading by Quebec securities regulators. Bloomberg Business reported that the charges included “allegations of ‘aiding with trades while in possession of privileged information,’ influencing or attempting to influence the market price of securities of Amaya, and communicating privileged information.” On this news, the Company’s stock fell $3.07 per share, to close at $11.18 per share on March 23, 2016, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of all Amaya, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, May 24, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Thu, April 7, 2016
by Robin Hester filed under