NEW YORK, April 22, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Amaya, Inc. ("Amaya" or the "Company") (NASDAQ: AYA) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 16-cv-02500, is on behalf of a class consisting of all persons or entities who purchased Amaya securities between June 8, 2015 and March 22, 2016 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Amaya securities during the Class Period, you have until May 24, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Amaya is a provider of technology-based products and services in the global gaming and interactive entertainment industries. The Company operates through two segments, Real-Money Online Poker, and Real-Money Online Casino and Sportsbook.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants 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, news outlets reported that Amaya'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, Amaya's stock fell $3.07 per share, or more than 21%, to close at $11.18 per share on March 23, 2016, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP