The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against 500.com Limited (W...
January 30 2020 - 9:00AM
Business Wire
The Law Offices of Frank R. Cruz reminds investors of the
upcoming March 26, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of 500.com Limited
(“500.com” or the “Company”) (NYSE: WBAI) investors who purchased
securities between April 27, 2018 and December 31, 2019,
inclusive (the “Class Period”).
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 or otherwise acquired 500.com securities during
the Class Period, you may move the Court no later than March 26,
2020 to request appointment as lead plaintiff in this putative
class action lawsuit. To be a member of the class action 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
action. If you wish to learn more about this class action, or if
you have any questions concerning this announcement or your rights
or interests with respect to the pending class action lawsuit,
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/20200130005280/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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