If you purchased or otherwise acquired common stock of Amaya Inc. (now known as “the Stars Group Inc.” and hereinafter referred to as “Amaya” or the “Company”) between June 8, 2015 and March 22, 2016, both dates inclusive (the “Settlement Class Period”).
Summary of the Action
The Court approved settlement at the Final Approval Hearing on December 4, 2018 at 11:00 A.M. The Court approval of the Settlement will provide $5,750,000 gross (the “Settlement Amount”), plus interest as it accrues, minus attorneys’ fees, costs, and administrative expenses, net of any taxes on interest, to pay claims of investors who purchased Amaya common stock during the Settlement Class Period.
The Settlement resolves the Action concerning whether Amaya, David Baazov, Daniel Sebag, Divyesh Gadhia, and Harlan Goodson (collectively “Defendants”) violated federal securities laws. The Amended Class Action Complaint for Violations of the Federal Securities Laws (the “Complaint”) more specifically asserts claims (i) against Defendants Amaya, Baazov, and Sebag under Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, (ii) against Defendants Baazov and Sebag under Section 20(a) of the Exchange Act; (iii) against all Defendants under Section 11 of the Securities Act of 1933 (“Securities Act”), and (iv) against the Individual Defendants under Section 15 of the Securities Act. The Complaint alleges that Baazov engaged in insider trading in connection with several of Amaya’s acquisitions in violation of Canadian securities laws and Amaya’s own policies prohibiting insider trading. The Complaint further alleges that Defendants Baazov and Amaya made material false and misleading statements in press releases and SEC filings denying that Baazov engaged in any violations of the securities laws, and that Defendants Baazov and Sebag falsely represented that they had disclosed all fraud involving management to the Board of Directors. The Complaint alleges the truth was revealed when, on March 23, 2016, the Autorité des marchés financiers (“AMF”), the securities regulatory authority in the Province of Quebec, announced it filed five charges against Baazov alleging violations of Canadian securities laws in connection with trading in advance of Amaya’s announcement of its plan to acquire The Oldford Group (then owner of Poker Stars), which the Complaint asserts led Amaya’s shares to decline $3.07 per share, or approximately 21.5% from its previous closing price, to close at $11.18 per share on March 23, 2016 on the NASDAQ. Defendants have denied and continue to deny each, any, and all allegations of wrongdoing, fault, liability, or damage whatsoever asserted by Lead Plaintiffs. Defendants have also denied, inter alia, the allegations that Lead Plaintiffs or the Settlement Class have suffered damages or that Lead Plaintiffs or the Settlement Class were harmed by the conduct alleged in the Action. Defendants continue to believe the claims asserted against them in the Action are without merit.
Your legal rights will be affected whether you act or do not act. If you do not act, you may permanently forfeit your right to recover on this claim. Therefore, you should read the Notice carefully.
How do I obtain more information?
If you would like more information, you may contact the Claims Administrator by calling toll-free (833) 288-5307, emailing info@AmayaSecuritiesLitigation.com or mailing a letter to:
Amaya Inc. Securities Litigation
c/o JND Legal Administration
P.O. Box 91346
Seattle, WA 98111
A copy of the Notice is available on the Important Documents page. Inquiries should NOT be directed to the Court or the Clerk of the Court.