The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of 500.com Limited Investors (WB...
January 16 2020 - 1:00PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of investors that purchased
500.com Limited (“500.com” or the “Company”) (NYSE: WBAI)
securities between April 27, 2018 and December 31, 2019,
inclusive (the “Class Period”). 500.com investors have until
March 16, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
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 $1.07, or over 12%,
to close at $7.52 per share on January 2, 2020, thereby injuring
investors.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that 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) that
consequently, 500.com was in violation of Japanese anti-bribery
laws and its Code of Ethics; and (3) that 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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased 500.com securities during the Class Period, you
may move the Court no later than March 16, 2020 to ask the
Court to appoint you as lead plaintiff. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. 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
info@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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200116005204/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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