DAVID BAAZOV relating to AMAYA INC. (TSE: AYA, NASDAQ: AYA, FRA: 0AY)
Quebec Superior Court, Court File No.: 500-06-000859-179
If you purchased shares of Amaya, Inc. between February 1 and November 22, 2016, you may Register your interest.
It is alleged that David Baazov, Amaya Inc.’s former Chief Executive Officer, released 2 statements containing misrepresentations about taking Amaya private, on February 1, 2016 (at $21 per share) and November 14, 2016 (at $24 per share).
For the first statement, it has been reported that Baazov’s financial support came from three other employees of Amaya, including Daniel Sebag (then the CFO) and Marlon Goldstein (then Ex. Vice Pres and General Counsel). For the second statement, Baazov now reported that his financial support came from Ferdyne Advisory Inc, Goldenway Capital SPC, Head and Shoulders Financial Group, and KPC Aldini Capital Limited.
During March and October 2016, Ayama released statements that Baazov had not confirmed a formal offer.
On 22 November 2016, the Globe and Mail Newspaper reported that KPC Aldini Capital Limited was never involved and unaware of the proposal to take Amaya private. This news release also called into question the possibility of Baazov releasing the statements to manipulate the share price. This Article caused the market to sell Amaya’s shares down by 6.4% causing injury to investors that purchased Amaya’s securities between February 1 and November 21, 2016.
The investors allege that these statements contained misrepresentations because Baazov never had the necessary funding and, rather, released these statements to manipulate the price of Amaya’s shares thereby increasing his personal wealth by over $70 million.
On August 7, 2020, the Quebec court authorized the claims to proceed into discovery towards a trial. This Court Decision is identified as Gauthier v. David Baazov.
On February 24, 2021, Baazov filed a motion to force Aleksei Chegodaev, of Ferdyne Advisory, Inc. to become a co-defendant in this class proceeding.
The parties are currently engaged in discovery.