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This settlement is closed!
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If you acquired securities of The Stars Group Inc. (formerly Amaya) between March 31, 2014 and March 22, 2016, you may be entitled to compensation from the Stars Group class action lawsuit settlement. After several turbulent years for the company, including an investigation into insider trading allegations, Stars Group investors have reached a settlement with the company and some of the company’s former executives for $30 million in compensation.
On July 8, 2020 the Stars Group class action settlement was approved in Quebec Superior Court.
In March 2016, the class action lawsuit Canada was commenced against The Stars Group Inc. and others over allegations that the defendants made misrepresentations and omissions regarding the company’s public filings and statements regarding its business practices.
The Stars Group Inc. is a provider of technology-based products and services in the global gaming and interactive entertainment industries. The company owns gaming and related consumer businesses and brands including PokerStars, at issue in the class action lawsuit Canada, Full Tilt, the European Poker Tour and more.
“This is one of the best settlements in Canadian history for a case where there have been allegations of insider trading,” said Shawn Faguy, one of the lawyers leading the Stars Group class action lawsuit.
A key claim in the Stars Group class action lawsuit concerns misrepresentations about insider involvement in a “massive insider trading scheme, and the manipulation of the price of Amaya’s publicly traded securities.”
The Stars Group class action lawsuit alleged that the company, along with its then-CEO, David Baazov, violated the Securities Act by making misleading statements or omissions of fact. The Stars Group class action lawsuit further claims that the company’s rise in share price was artificially fueled by the company and third parties, who drove the Stars Group’s share price up to facilitate the acquisition of the PokerStars and subsequent sales by insiders and others.
When the investigation into the insider trading matter was made public, investors were penalized by a significant decline in their securities.
In March 2016, Quebec’s Autorité des marchés financiers filed 23 charges against David Baazov, former CEO of the Stars Group, and alleged accomplices in one of Canada’s largest insider trading investigations.
According to lawyer, Faguy, the settlement funds to be paid to shareholders have already been placed into a trust account by the defendants and their insurers. However, it is impossible to know how much was paid by each defendant. “It’s confidential. It will never be disclosed,” says the lawyer.
The Stars Group class action settlement was concluded without any admission of liability on the part of the Stars Group.
Class Members of the Stars Group class action settlement include all persons and entities, except for certain individuals associated with the defendants, who acquired securities of The Stars Group Inc. between March 31, 2014 and March 22, 2016.
You are automatically a Class Member if you meet the description above. However, you are excluded from the class action lawsuit settlement if you are of the immediate families of the defendants, directors, officers, subsidiaries, and affiliates of the Stars Group and its subsidiaries.
The Stars Group settlement provides that $30 million will be paid to Class Members on a pro rata basis. Distributions to Quebec Class Members will be subject to the levy for the Fonds d’aide aux actions collectives.
Class Members must submit a completed claim form by Nov. 18, 2020, to participate in the class action lawsuit settlement.
The deadline to opt out of the class action lawsuit settlement has already passed.
Who’s Eligible
Class Members included in the Stars Group class action settlement are divided into two groups:
- “Primary Market Sub-Class”: All persons and entities, wherever they may reside or may be domiciled, who, from March 31, 2014 to March 22, 2016, purchased the Stars Group securities in an offering and held all or some of those securities until at least March 23, 2016;
- “Secondary Market Sub-Class”: All persons and entities, wherever they may reside or may be domiciled, who, from March 31, 2014 to March 22, 2016, purchased the Stars Group securities in the secondary market and held all or some of those securities until at least March 23, 2016, and who:
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- are Canadian residents or were Canadian residents at the time of the acquisitions regardless of the location of the exchange on which they acquired the Stars Group securities; or
- acquired the Stars Group securities in the secondary market in Canada or elsewhere, other than in the United States.
You are excluded from the class action lawsuit settlement if you are of the immediate families of the defendants, directors, officers, subsidiaries and affiliates of the Stars Group and its subsidiaries.
Potential Award
$30 million will be paid to Class Members on a pro rata basis.
Proof of Purchase
Class Members must submit a completed claim form on or before Nov. 18, 2020, in order to participate in the settlement.
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
11/18/2020
Case Name
Pierre Derome v. The Stars Group Inc., et al., Case No. 500-06-000785-168, in the Superior Court of Québec, District of Montreal, Canada
Final Hearing
4/8/2020
Settlement Website
Claims Administrator
The Stars Group Inc./Amaya Securities Class Action
Trilogy Class Action Services
117 Queen Street, P.O. Box 1000,
Niagara-on-the-Lake, ON, Canada
Tel: 1‑866‑329‑7153
Email: claims@trilogyclassactions.ca
Claims Administration Portal Registration:
Amayasecuritiessettlementcanada.com/portal (French and English)
Class Counsel
Shawn Faguy
FAGUY & CO.
Eli Karp
MORGANTI & CO., P.C.
Defense Counsel
Sébastien Simard
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