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New Class Action Lawsuit vs Amaya
Thursday April 7,2016 : NEW INVESTOR CLASS ACTION FILED AGAINST AMAYA
Lawsuit filed this week in Manhattan Federal Court by lead plaintiff Michael Neuberger.
Online gambling group Amaya's troubles mounted on April 4, when one Michael Neuberger filed a new class action in the Manhattan Federal Court - the second such litigation this year - claiming that the value of investors' shares in the company has been adversely impacted by insider trading investigations involving company executive David Baazov
The publication Courthouse News reports that Baazov has denied any wrongdoing, but the issue remains active with Quebec securities regulator Autorité des marchés financiers, and continues to affect Amaya and principal operational subsidiaries like Pokerstars and Full Tilt.
The Neuberger filing asserts that the mere accusations of wrong-doing have caused the value of Amaya shares to plummet 20 percent, and that Baazov and co-defendant Amaya CFO Daniel Sebag misled investors by failing to disclose that the CEO "was engaged in an insider trading scheme that involved influencing the market price of the company's securities and communicating privileged information to third parties."
When the news of the charges broke, and Amaya's chief executive temporarily suspended himself, the share price fell $3.07 per share, more than 21 percent, on heavy trading volume.
Courthouse News links the new filing to the recent leak of the so-called Panama Papers, which detail the use of shell companies worldwide, and reveals a possible link between Amaya and a British Virgin Islands company called Zhapa Holdings.
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Gambling News :
PokerStars.CZ has launched in the Czech Republic -
PokerStars.CZ has launched in the Czech Republic, becoming the first licensed online casino and poker operator under the Czech Republicís new gaming regulation. This follows on from the approval by the Czech State Supervision of Gambling and Lotteries Department.
Sunbets to Sponsor Sutton United -
Online betting operator Sun Bets has inked a one-off sponsorship deal with English association football club Sutton United for its upcoming televised clash against Arsenal FC in the FA Cup fifth round tie.
Time is Money Slot Launches -
Set to a catchy tune, Time is Money offers a free spins bonus where all wins are multiplied by up to x12 by a random multiplier, selected from the time traveling clock.
ArenaCube Signs 3 New Deals -
Under their strategic partnership, ArenaCube and Kiron will develop and launch a new version of Arena Challenge in 2017. The new version of the game will carry Kironís virtual content.
First Woman to Win a WPT Playground Championship -
Besting a field of 380, in the C$3,500 buy-in event, Zajmovic beat Jean-Francois Bouchard in heads up play, pocketed the C$261,000 first prize and a seat in the season ending WPT Tournament of Champions.
NHL Odds: Oilers-Blackhawks at the United Cente -
Fans at the United Center will be treated to a potential Western Conference playoff preview this Saturday when the upstart Edmonton Oilers visit the Chicago Blackhawks. The puck drops at 7 PM ET on WGN.
2017 Partypoker.net WPT Playground main event Results -
Although she entered the heads up against Jean-Francois Bouchard with a chip deficit, Zajmovic was able to get herself back in the game with some skillful and disciplined playing, eventually overtaking the leader and finally leveraging her chip advantage into a decisive win.
IGT In Deal With Norsk Tipping -
International Game Technology has announced a new contract signing which will see it providing interactive casino and Instant Win game libraries and custom games through a remote game server to Norwegian gambling group Norsk Tipping.
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