UPDATE 3-Amaya CEO charged with insider trading by Quebec regulator

Wed Mar 23, 2016 10:08am EDT
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* CEO David Baazov says "allegations are false"

* Amaya says charges are without merit

* U.S.-listed stock falls as much as 27.7 pct (Adds details, Amaya statement)

By Amrutha Gayathri

March 23 (Reuters) - Canadian gambling website operator Amaya Inc's Chief Executive David Baazov has been charged with insider trading by Quebec's securities regulator.

The regulator said it had filed charges against Baazov for "aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya" and "communicating privileged information."

Amaya's U.S.-listed shares fell as much as 27.7 percent to $10.30 in early trading.

The charges come about two months after Amaya said it had received a non-binding proposal from Baazov to take the company private.

"These allegations are false and I intend to vigorously contest these accusations," Baazov said in a statement on Wednesday, adding that he was "highly confident" he would be found innocent.   Continued...