Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In 500.com Limited 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 March 16, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in 500.com stock or options between April 27, 2018 and December 31, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also 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.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased 500.com securities between April 27, 2018 and December 31, 2019 (the “Class Period”). The case, Sun v. 500.com Limited et al, No. 20-cv-00485 was filed on January 15, 2020 and has been assigned to Judge Esther Salas.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 500.com executives and consultants engaged in a bribery scheme with Japanese officials in an effort to gain favor in a bid to run an upcoming Japanese casino resort; (2) consequently, 500.com was in violation of Japanese antibribery laws and its Code of Ethics; and (3) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on December 31, 2019, the Company issued a press release announcing a Special Investigation Committee (“SIC”) was formed by the Board to investigate illegal money transfers and the role played by consultants following the arrest of one current consultant and two former consultants by the Tokyo District Public Prosecutors Office.
On this news, 500.com’s stock fell from a closing price of $8.60 per share on December 31, 2019 to $7.52 on January 2, 2020—a $1.08 or 12.56% drop.
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Filed on 01/03/2020
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