The law firm of Kirby Mcinerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired 500.com Limited (“500.com” or the “Company”) (OTC: WBAI) securities during the period from April 27, 2018 through December 31, 2019 (the “Class Period”). Investors have until March 16, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) 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; and (ii) consequently, 500.com was in violation of Japanese anti-bribery laws and its Code of Ethics.
On December 31, 2019, 500.com announced a Special Investigation Committee “SIC” was formed by the Company’s Board of Directors to investigate illegal money transfers and the role played by consultants following the arrest of one current consultant and two former consultants by the Tokyo District Public Prosecutors Office. On this news, shares of 500.com fell $0.91, or 10.8%, to close at $7.52 per share
If you acquired 500.com securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.