Amaya Silent Over Insider Trading Investigation at Annual Meeting

Submitted by Canadian Press on

Written by :

Canadian Press

Published on :

MONTREAL – (Canadian Press) - Although Amaya is at the centre of an insider trading investigation of a US$4.9 billion acquisition, you wouldn't know it at the online gaming company's annual meeting Monday.

The subject was not broached by management and no shareholder raised a question about it to its chairman and CEO David Baazov, who is among those being investigated by Quebec's securities regulator.

Baazov later told reporters that the investigation makes great headlines but hasn't spooked investors or distracted Amaya officials.

Scroll Down For More...

"It's not something to be taken lightly but it's not Hollywood either," he said. "Anybody who is sophisticated or rational can actually come to a pretty rational conclusion of the events that took place."

Baazov said he hopes the Autorite des marches financiers (AMF) will quickly come to the same conclusion as an internal review supervised by board members with the help of external legal counsel: that there was no personal failure by any of Amaya's officers or directors.

The Montreal-based company has come under scrutiny because its shares began to surge before its acquisition last summer of the world's largest online gaming operator, the Oldford Group.

AMF executed search warrants in December at Amaya's headquarters and the offices of lead financial adviser Canaccord Genuity, a local branch of Manulife Securities Inc.

Amaya (TSX:AYA) said earlier this month that the investigation is looking at Baazov and chief financial officer Daniel Sebag, but not over any personal trades.

Baazov said the investigation hasn't affected Amaya's day-to-day operations or undermined its growth plans, especially in the United States, where it is hoping officials in various states will allow online gaming.

However, he said he was surprised by how "anti-competitive organizations" he wouldn't name were trying to leverage the investigation and fuel questions about Amaya.

Baazov said he never considered stepping aside during the investigation and pointed out that more than 96 per cent of shareholders voted Monday to re-elect him and other directors to the board.

The 34-year-old holds 24.5 million shares or about 18.3 per cent of the company, worth about $871 million at Monday's closing price of $35.56 on the Toronto Stock Exchange.

Amaya told shareholders it sees continued growth in its operations led by PokerStars, the world's largest online poker site. It said it plans to launch online and mobile versions of casino games on its PokerStars and Full Tilt casino platforms by the end of 2015 and roll out online sports betting.

Related Content

Cedar Rapids Iowa Newest Casino Set to Open Next Month

Cedar Rapids Iowa Newest Casino Set to Open Next Month

“It’s a dream come true. We have opportunities and we want to be the fabric of Cedar Rapids,” general manager and executive vice president Kim Pang said. “Cedar Rapids have been waiting for this for many, many years.”
BC.GAME Announces BC Engine Has Distributed Over $10 Million in Rewards Since April Launch

BC.GAME Announces BC Engine Has Distributed Over $10 Million in Rewards Since April Launch

Launched in April 2026, BC Engine has reached a major milestone in cumulative rewards, strengthening its role as a core value-sharing mechanism within the BC.GAME ecosystem.
SweepLasVegas Reviews - The Worst of the Worst?

SweepLasVegas Reviews - The Worst of the Worst?

When it comes to sweepstakes casinos, redemption issues at SweepLasVegas are out of control based on reiews at TrustPilot. BRUTAL might be an understatement.
Sweeps USA Hidden Wagering Requirements and Missing Redemptions

Sweeps USA Hidden Wagering Requirements and Missing Redemptions

On Thursday October 15, 2026, Gambling911.com took a deep dive into the sweepstakes casino Sweeps USA to see what customers across the net are saying.