Amaya Inc says insider trading probe has not damaged confidence: ‘It’s not Hollywood’

On June 8, Amaya started trading on Nasdaq\'s Global Select Market, achieving a dual listing. Amaya CEO David Baazov attends the company's annual general meeting in Montreal, Monday, June 22, 2015.

MONTREAL – Amaya Inc. CEO David Baazov said Monday that the investigation by Quebec’s securities regulator into insider trading allegations all around the company hasn\’t damaged shareholder confidence, nor slowed the company’s international growth ambitions.

“It isn\’t something to become taken lightly, but it is not Hollywood either,”?said Baazov, following the company’s annual general?meeting in Montreal. “There has been no impact on the day-to-day operations of Amaya. It isn\’t taking away from the mental real-estate of the executive team, employees, the organization, etc.”

Amaya, based in Point-Claire, Que., became the biggest publicly held online gambling company in the world last year if this bought the PokerStars and Full Tilt poker brands for US$4.9 billion and boasts over 93 million global customers.

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Earlier this month Amaya confirmed its top two executives -?Baazov and chief financial officer Daniel Sebag – had been named within an investigation through the Autorit des marchs financiers (AMF) relating to trading activity of the company\’s stock ahead of the PokerStars takeover in June 2014.

The company said your research does not involve personal trading by Baazov or Sebag, and that the AMF hasn\’t filed any charge relating to the company all around the acquisition of Oldford Group, then your parent company of the PokerStars and Fulltiltpoker online gaming platforms.

Amaya shareholders showed their support for that current leadership of the company, voting 96 per cent in favour to re-elect the board of directors.

ISS Proxy Advisory Services recommended voting in favour of all board members in the report ahead of the meeting, though it gave Amaya a less-than-stellar eight out of 10 since it\’s governance risk score.

On June 8, Amaya began trading on Nasdaq\’s Global Select Market, achieving a dual listing with an American-based stock exchange, along with the Toronto Stock market, almost four months ahead of company predictions.

“I was looking for more liquidity and much more exposure. I think it\’s great that a Canadian company that started on the Venture [Exchange] graduated to the TSX and has now attended the Nasdaq as well,” said Baazov.