SAN FRANCISCO, Jan. 09, 2020 (GLOBE NEWSWIRE) -- Hagens Berman encourages 500.com Limited (WBAI) investors who have suffered significant losses to submit their losses now to learn if they qualify to recover their investment losses. The firm is actively investigating whether the company and senior executives violated federal securities laws, and certain investors may have valuable claims.
500.com Limited (WBAI) Investigation:
The investigation centers on whether Chinese online gambling operator 500.com concealed that its executives were bribing Japanese lawmakers to influence Japanese gaming policy and secure the development of a casino resort project in Hokkaido.
On Dec. 27, 2019, media outlets reported that Tsukasa Akimoto, a lower house member of Japan’s ruling Liberal Democratic Party, was arrested by Tokyo prosecutors and charged with receiving 3 million yen ($27,400) in cash from 500.com. According to prosecutors, the lawmaker was deeply involved in crafting Japan’s gaming policy. Prosecutors also arrested three individuals from 500.com, including its Japanese representative Zheng Xi and advisers Masahiko Konno and Katsunori Nakazato. Media reports indicated that the investigation could be further expanded- prosecutors had reportedly conducted raids on another member of the Liberal Democratic Party and the office of the party's former lower house member.
Then, on Dec. 31, 2019, 500.com announced the initiation of an internal investigation into alleged illegal money transfers, the concurrent resignation of its Chairman of the Board, and the “temporary” departure of its Chief Executive Officer pending the outcome of the internal investigation.
News of 500.com illegal money transfers caused the price of WBAI ADRs to decline sharply.
“We’re focused on investors’ losses and whether 500.com concealed its involvement in an illicit lobby scheme,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of 500.com and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding 500.com should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email WBAI@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895