BOSTON, Nov. 22, 2016 /PRNewswire/ -- Block & Leviton LLP (http://www.blockesq.com) announces that it is investigating potential securities fraud or manipulation claims involving David Baazov, the former CEO of Amaya Inc. ("Amaya" or the "Company") (NASDAQ: AYA).
On November 14, 2016, Baazov—who owns approximately 17% of the Company's outstanding shares and has been accused of insider trading by Canadian securities regulators in a separate matter—filed documents with the U.S. Securities and Exchange Commission stating that he had made an offer to take the Company private. In those documents, Baazov claimed that he had secured equity commitment letters from, among others, KBC Aldini Capital Limited, a Dubai-based investment firm.
Earlier today (November 22, 2016), Toronto's Globe and Mail reported that KBC Aldini Capital "has 'no involvement' whatsoever in the proposed multibillion dollar privatization deal … and has filed a complaint with U.S. regulators, [according to] its top executive."
Amaya shares plummeted on the news, dropping by over 7%.
Block & Leviton LLP is investigating to determine whether investors may be able to bring claims to recover their losses under the federal securities laws.
If you purchased Amaya stock between November 14, 2016 and November 22, 2016 and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Joel Fleming of Block & Leviton LLP at (617) 398-5600 or at Joel@blockesq.com or visit http://www.blockesq.com/Amaya. Confidentiality for any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf.
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SOURCE Block & Leviton LLP