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The Law Offices of Frank R. Cruz Announces Investigation on Behalf of 500.com Limited (WBAI) Investors

The Law Offices of Frank R. Cruz announces an investigation on behalf of 500.com Limited ("500.com" or the "Company") (NYSE: WBAI) investors concerning the Company and its officers’ possible violations of federal securities laws.

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On December 31, 2019, the Company disclosed an internal investigation regarding alleged illegal money transfers after one of its former directors was arrested. 500.com also announced that its Chairman of the Board of Directors resigned and that its Chief Executive Officer would "step aside" from his position until the investigation concluded.

On this news, the Company’s share price fell as much as $0.94 per share, nearly 11%, during intraday trading on January 2, 2020, thereby injuring investors.

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If you purchased 500.com securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to fcruz@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200107006128/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com