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CORRECTED-UPDATE 2-Amaya CEO charged with insider trading by Quebec regulator

Published 2016-03-23, 09:49 a/m
© Reuters. CORRECTED-UPDATE 2-Amaya CEO charged with insider trading by Quebec regulator
TSGI
-

(Corrects paragraph 10 to say the regulator launched an
investigation in 2014, not June)
By Amrutha Gayathri
March 23 (Reuters) - Canadian gambling website operator
Amaya Inc's AYA.TO AYA.O Chief Executive David Baazov has
been charged with insider trading by Quebec's securities
regulator.
The regulator said on Wednesday it had filed five 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 Inc , and
communicating privileged information."
Amaya's U.S.-listed shares fell about 7 percent to $13.26 in
premarket trading before they were halted.
"These allegations are false and I intend to vigorously
contest these accusations," Baazov said in a statement.
He said he was "deeply disappointed" with the regulator's
decision and that he was "highly confident" that he would be
found innocent of all charges.
Amaya spokesman Eric Hollreiser said the company was
reviewing the situation.
The charges come about two months after Amaya said it had
received a non-binding proposal from Baazov to take the company
private.
Based on Amaya's basic shares outstanding as of Sept. 30,
the proposal had valued the company at about C$2.8 billion, or
$2.14 billion based on the current exchange rate.
Baazov said on Wednesday that he had no further comment on
his bid to take Amaya private, but added that he was committed
to working toward closing the deal.
The regulator launched an investigation into Baazov and
other executives in 2014 for trading in Amaya's stock ahead of
the company's $4.9 billion takeover of PokerStars owner Rational
Group in 2014.
($1 = C$1.31)

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