NEW YORK, April 7, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against Amaya, Inc. ("Amaya" or "the Company") (NASDAQ: AYA). The class action has been filed in the United States District Court, Southern District of New York, on behalf of a class consisting of all persons or entities who purchased Amaya securities during the period 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").
Amaya Inc. is a Canadian gaming and online gambling company headquartered in suburban Montreal, Quebec. 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, and 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 Amaya's Chief Executive Officer was engaged in an insider trading plot that falsely inflated the market price of the Company's securities and gave privileged information to third parties; (2) Amaya lacked adequate internal controls; and (3) that, as a result of the above-mentioned, Defendants' statements about Amaya's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 23, 2016, Reuters announced that Amaya's Chief Executive Officer, David Baazov, has been charged with insider trading by Quebec's securities regulator. The regulator said it had filed charges against Baazov for "aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya" and "communicating privileged information." Following this news, Amaya's stock fell $3.07 per share, or over 21%, to close at $11.18 per share on March 23, 2016, on unusually heavy trading volume.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!aya/a9a9n. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Amaya you have until May 24, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC