BOSTON, Jan. 16, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, informs investors that a class action lawsuit has been filed against 500.com Limited (WBAI) and certain of its officers alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are required to move for appointment by March 16, 2020 and are encouraged to contact Block & Leviton LLP to learn more.
The class action complaint, which was filed in the United States District Court for the District of New Jersey and captioned Sun v. 500.com limited, et. al., No. 2:20-cv-00485 (D.N.J.), alleges that 500.com, a Chinese online gambling platform, concealed from investors that its executives were bribing Japanese lawmakers in order to secure development rights for a casino resort project in Japan.
The truth began to emerge on Dec. 27, 2019, when a Japanese elected official was arrested and charged with receiving three million yen (approximately $27,400) in cash from 500.com. Then, on Dec. 31, 2019, 500.com announced that it would investigate the bribery allegations, and announced the resignation of its Chairman of the Board, and the temporary departure of its Chief Executive Officer pending the outcome of the internal investigation. As a result of this announcement, 500.com stock price fell more than 12% in a single day of trading.
“These allegations of corruption are very serious and our investigation will focus on whether illegal activity occurred which resulted in investor losses,” said Mark Delaney, the attorney leading the investigation.
If you purchased or otherwise acquired 500.com securities between April 27, 2018 and December 31, 2019, and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting http://shareholder.law/wbai.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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