RYE BROOK, NY / ACCESSWIRE / January 10, 2020 / Klafter Olsen & Lesser LLP, which has extensive experience in securities class action, group, and individual litigation, announces its investigation into online sports lottery service provider 500.com Limited ("500.com") (WBAI) regarding allegations of bribery and illegal money transfers.
On December 31, 2019, 500.com announced that it had formed a "Special Investigation Committee" to investigate allegations of bribery and illegal money transfers within the company that have already led to the arrest of one consultant (also a former director of the Company's subsidiary in Japan) and two former consultants by the Tokyo District Public Prosecutors Office. 500.com further disclosed the resignation of Xudong Chen as Chairman of the Company's Board, effective December 30, 2019, and that "the Board has accepted the request from Mr. Zhengming Pan, Director and Chief Executive Officer, to temporarily step aside from his positions, effective December 30, 2019, until the conclusion of the SIC's investigation in order to ensure a thorough and fair investigation."
The announcement caused 500.com's American depositary receipt price to fall $0.94 per share, or 10.93%, to close at $7.66 per share the following trading day.
If you purchased 500.com securities and suffered significant losses, please contact Klafter Olsen & Lesser LLP for more information about the case.
Klafter Olsen & Lesser LLP has offices in New York and Washington D.C. The founding partners have over fifty years combined experience representing plaintiffs in individual and class action litigation and have a track record of recovering significant percentages of investor losses.
Client praise for our work: "This was one of the finest pieces of legal work I've been a part of (and I have worked with literally dozens of lawyers on a wide range of matters over the years). More than anyone involved with Superior, I really believe you created the most value for shareholders." Chair of the Post Confirmation Committee in In re Superior Offshore International, Inc.
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SOURCE: Klafter Olsen & Lesser LLP
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