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500.com Class Action Reminder: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In 500.com Limited To Contact The Firm

Newsfile Corp.
·3 min read

New York, New York--(Newsfile Corp. - February 18, 2020) - 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. 



Faruqi & Faruqi logo

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, click here: www.faruqilaw.com/WBAI. 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 rgonnello@faruqilaw.com.

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

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.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding 500.com's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52485