Market Overview

Amaya Gains 13%, CEO To Take Leave Of Absence Amid Insider Trading Investigation


Shares of AMAYA INC (NASDAQ: AYA) were trading higher by more than 13 percent on Tuesday after the company announced its CEO has agreed to take a voluntary leave of absence.

CEO David Baazov will take an indefinite paid leave of absence from the company, effective immediately. The executive faces an investigation for insider trading by Quebec's securities regulator.

Related Link: Amaya Down 22% After CEO Charged With Insider Trading In Canada

Amaya's Board of Directors also named Divyesh (Dave) Gadhia as Interim Chairman while Rafi Ashkenazi will serve as Interim CEO. Gadhia has been a director of the company since 2010 while Ashkenazi currently serves as CEO of the Rational Group, Amaya's operating business.

Mr. Baazov provided the following statement: "As always, I continue to be dedicated to doing the right thing for Amaya and all its stakeholders. I believe that stepping down in the short term will help to avoid distraction for the company and its management while I vigorously contest all allegations made against me and pursue my bid to acquire the company."

Posted-In: Amaya David Baazov David Baazov Insider Trading Divyesh Gadhia gaming stocksNews Legal Management


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