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Canadian Police Raid Amaya as Part of Investigation
The Canadian Royal Mounted Police and Financial Regulators raided Amaya’s headquarters in Montreal yesterday as part of a financial investigation.
Amaya, which owns PokerStars and Full Tilt, released a statement that said the investigation does not involve any allegations of wrongdoing against the company to their knowledge.
The securities regulatory authority in Quebec is looking into Amaya’s acquisition of PokerStars and Full Tilt’s parent company the Rational Group earlier this year.
“Amaya is cooperating in an investigation by the Autorité des Marchés financiers (AMF), the securities regulatory authority in the Province of Quebec,” said Eric Hollreiser, Head of Corporate Communications for the Rational Group.
Two Other Firms Raided in "Routine Request for Information"
The police also raided two financial firms including Manulife Financial and Cannaccord Genuity.
Both are cooperating with what Cannaccord is calling a “routine request for information.”
The relatively small Amaya hit the big time earlier this year when it acquired the Rational Group for $4.9 billion.
Shares in Amaya subsequently soared 340% in 2014. Forbes called Amaya CEO David Baazov the new king of online gambling.
Amaya’s stock on the TSX plunged down to $26 after news of the raid surfaced but it’s since recovered slightly to $28.50. Amaya was previously trading at $34.99.