Shareholder Alert: Robbins LLP Reminds Investors 500.com Limited (WBAI) Sued for Misleading Shareholders
February 10 2020 - 3:26PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of 500.com Limited (NYSE: WBAI) filed a class action
complaint for alleged violations of the Securities Exchange Act of
1934 between April 27, 2018 and December 31, 2019. 500.com provides
online gaming services primarily in the People's Republic of China
and Europe.
If you suffered a loss as a result of 500.com's misconduct,
click here.
500.com Limited (WBAI) Accused of Engaging in Bribery Scheme
to Run New Japanese Casino Resort
According to the complaint, on April 27, 2018, 500.com issued
its Annual Report on Form 20-F attesting to the Company's
disclosure of all fraud and stating in pertinent part that its
"employees have an obligation to comply with all laws, rules and
regulations applicable to the Company's operations" including
"[t]he Foreign Corrupt Practices Act [which] prohibits the Company
and its employees and agents from offering or giving money or any
other item of value to win or retain business." Despite reaffirming
these same assertions throughout the relevant period, on December
31, 2019, 500.com announced that a Special Investigation Committee
("SIC") was formed by 500.com's board to investigate illegal money
transfers and the role played by current and former consultants in
these transfers after the arrest of three consultants by the Tokyo
District Public Prosecutors Office. On this news, shares of 500.com
fell over 10% to close at $7.52 per share and has yet to
recover.
500.com Limited (WBAI) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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