Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In 500.com Limited (WBAI) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in 500.com Limited (“500.com” or the “Company”) (NYSE: WBAI) of the April 28, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against 500.com, certain executives, and underwriters of the Company’s initial public offering (“IPO”).
A complaint has been filed in the Central District of California on behalf of all persons who purchased or otherwise acquired 500.com American Depository Shares (“ADSs”) pursuant or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with 500.com’s IPO which commenced on or about November 22, 2013 and all purchasers of 500.com ADSs between November 22, 2013 and February 25, 2015, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period, 500.com issued materially false and misleading statements by not disclosing the risk posed by the Company’s provincial sports lottery administration centers’ practice of voluntarily suspending the acceptance of online purchase orders for their lottery products.
On February 25, 2015, the Company announced that, in response to a notice issued by governmental authorities, certain provincial sports lottery administration centers will temporarily suspend accepting online purchase orders for lottery products.
Following this news, the Company’s stock declined $2.87 per share, or over 22%, to close at $9.96 per share on February 25, 2015.
If you invested in 500.com stock or options pursuant or traceable to the Company’s Registration Statement issued in connection with 500.com’s IPO which commenced on or about November 22, 2013 and or purchased 500.com ADSs between November 22, 2013 and February 25, 2015 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding 500.com’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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