Client: DENIS GAUTHIER V. DAVID BAAZOV
Date: May 2017
On August 7, 2020, the Superior Court of Québec (the “Court”) authorized the bringing of a class action on behalf of all persons and entities who purchased Amaya securities between February 1, 2016 and November 21, 2016 inclusively (the “Class Period”), and held all or some of those securities until after the Corrective Disclosure on November 22, 2016 (the “Class Action”).
Excluded from the Class are the Defendant and members of the Defendant’s immediate family.
The Plaintiff in the Class Action alleged that the Defendant would have made statements in public documents containing misrepresentations relating to a potential going-private transaction involving Amaya. In particular, the Plaintiff alleged that the Defendant’s Early Warning Reports dated February 1, 2016, and November 14, 2016, would have contained misrepresentations (the “Impugned Documents”).
The Defendant has denied and continue to deny all of the claims and allegations of wrongdoing made by the Plaintiff in the Class Action.
The parties have reached a settlement of the Class Action, without any admission of liability on the part of the Defendant and to avoid the further expense, inconvenience, and distraction of burdensome litigation, subject to approval by the Court. The terms of the proposed settlement are set out below.
On October 30, 2023, the Honourable Justice Sylvain Lussier of the Superior Court approved the Settlement without any admission of liability on the part of the Defendant.
The Settlement provides, among other things, for payment by the Defendant of an amount of CDN $1.8 million (“Settlement Amount”), to fully, definitively, and permanently resolve, settle, release and discharge all claims asserted, or which could have been asserted against him in the Class Action.
Legal fees have been approved in the amount of thirty (30) percent of the Settlement Amount, plus disbursements, plus taxes (“Net Settlement Amount”).
The Settlement Amount, less the lawyers’ fees and disbursements, administrator’s expenses, and taxes, will be distributed to the Class in accordance with the Court-approved plan of allocation.
The Plan of Allocation provides for an asymmetrical allocation of the settlement proceeds to Class members. The allocation is consistent with Class Counsel’s view regarding the relative legal merits of the two Impugned Documents, based on an assessment of the available evidence. The Class comprised of the securities purchased between February 1, 2016, until November 13, 2016 (“Class I”), is substantially weaker than the class comprised of the securities purchased on and after November 14, 2016 (“Class II”). As a result, the Net Settlement Amount will be allocated, subject to Court approval, 15% to Class I and 85% to Class II.
Class Members are required to complete the claim form and upload the supporting documentation.
The claim form can be downloaded below from the Available Documents section or obtained by calling the Administrator at 1-888-770-6892 or by email at firstname.lastname@example.org.
If you do not submit a duly completed claim form by January 23, 2024, you may not receive any part of the Net Settlement Amount.
The Court has appointed Paiements Velvet Payments Inc. as the Administrator of the Settlement to among other things: (i) receive and process claim forms; (ii) decide eligibility for compensation; and (iii) distribute the Net Settlement Amount to eligible Class Members. You may submit a paper claim form only if you do not have Internet access. The paper claim form may be sent by mail or courier to:
For assistance, you may contact the Claims Administrator or for questions for the Class Members’ lawyers may be directed to:
|2017 05 16 Application for Authorization|
|2017 05 25 Answer|
|2020 11 30 Originating Application Instituting a Class Action|
|2023 09 06 First Motion and Schedules A to E|
|2023 09 13 Order Approving the Form, Content and Mode of Publication Of the Notice of Settlement, Setting an Hearing Approval Date, Appointing an Administrator and Referee and Related|
|2023 11 10 Order Approving the Settlement Agreement and Other Relief|
|Claim Form English|
|Notice of authorization (long form)|
|Notice of authorization (short form)|
|Opt out form|
|Plan of Allocation (approved by the Court)|
|Second Notice (approved)|
|Second Notice Program (approved by the Court)|
|Second Press Release (approved)|
|Settlement Approval Hearing Press Release|