(December 17, 2019) The law firms of Faguy & Co. Inc. (Montreal), and Morganti & Co., P.C. (Toronto), on behalf of investors that purchased The Stars Group Inc. (TSX: “TSGI”) (formerly known as Amaya Gaming) securities are pleased to announce that they have reached a settlement for CDN $30 million to resolve the claims against TSGI. The settlement is conditional upon the approval of the Quebec Superior Court.
If the settlement is approved by the court, investors who purchased TSG securities between March 31, 2014 and March 22, 2016 and still held some of those securities until March 23, 2016 will be able to submit a claim to be compensated. The settlement’s details, including the process for investors to file claims, will be published once approved by the courts.
Pursuant to Quebec statutory laws, the liability limits are thought to be approximately CDN $38.4 million. Class counsel have indicated “To our knowledge, this is the largest settlement for a case involving alleged insider trading and it is also the highest percentage recovery based on secondary market liability limits under applicable securities legislation in Canadian history, e.g., CDN $30 million out of CDN $38.4 million”.
All parties will be seeking to implement a formal notice program and the final approval of the proposed settlement in short order.