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NEW YORK (TheStreet) -- Amaya (AYA)  stock closed down by 21.54% to $11.18 on Wednesday, after the company's CEO David Baazov was charged with insider trading. 

The Autorité des marchés financiers filed a total of 23 charges against three individuals, including Baazov, and three companies that were linked to Amaya, Canada's financial regulatory group said in a statement. 

Baazov faces five charges, including "aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya, and communicating privileged information," the group said on Wednesday. 

However, Amaya believes the allegations against Baazov are without merit, the company said in a statement on Wednesday.

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"Mr. Baazov denies the allegations against him, and Amaya believes they are without merit and expects Mr. Baazov will be fully exonerated," the company said. "Amaya does not anticipate the charges will have any impact on the management or day-to-day affairs of the operating business."

Based in Quebec, Amaya operates online poker brands.

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