Velvet Payments Inc.: ATTENTION AMAYA INC. SHAREHOLDERS FROM 2016 - Settlement Approval Hearing to be held

MONTRÉAL, Sept. 22, 2023 /PRNewswire/ -- Law firms Faguy & Co. and Berger Montague (Canada) today announce that the Superior Court of Québec has scheduled a hearing to be held on October 30, 2023 at 9:30 am at 1, Notre-Dame Street East, courtroom 16.12, in Montréal, Québec to approve a proposed settlement of the class action styled as Denis Gauthier v. David Baazov, bearing Court File No. 500-06-000859-179.

The class action was brought on behalf of all persons and entities, excluding the Defendant or members of his immediate family, who acquired securities of Amaya Inc. (now known as The Stars Group Inc.) between February 1, 2016 and November 21, 2016 inclusively, and held some or all of those securities until after the Corrective Disclosure on November 22, 2016. You are a member of the class if you meet this description.

The proposed settlement provides that the Defendant has agreed to pay CAD $1.8 million 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. The parties have reached the proposed settlement without admission of liability on the part of the Defendant. In fact, the Defendant has denied and continue to deny each and all of the claims and allegations of wrongdoing made in the class action. The settlement amount, less the fees of the class members' lawyers and disbursements, administration expenses, and taxes, if approved by the court, will be distributed to the class in accordance with a court-approved Plan of Allocation.

The proposed 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 alleged 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 settlement proceeds will be allocated, subject to Court approval, 15% to Class I and 85% to Class II.

If the proposed settlement is approved, a further notice will be published which will include instructions on how class members can file Claim Forms to participate in the distribution and the deadline for doing so.

To view the proposed Settlement Agreement and Plan of Allocation, and for more information about the proposed settlement, the possibility of objecting to the settlement or attending the settlement approval hearing, please visit https://www.faguyco.com/class-actions/baazov or https://bergermontague.ca/cases/david-baazov/

For further information:

Faguy & Co.
329 de la Commune West, Suite 200
Montréal, Québec H2Y 2E1
Tel: [phone]
Email: [e-mail]

Berger Montague (Canada) PC
330 Bay Street, Suite 1302
Toronto, ON M5H 2S8
Tel: [phone] ext 2
Email: [e-mail]

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