Lead Plaintiff Deadline: 03/16/2020
SUMMARY OF CASE:
A securities class action has been filed against 500.com Limited (WBAI) on behalf of persons or entities who purchased or otherwise acquired publicly traded 500.com securities between April 27, 2018 through December 31, 2019. This case has been filed in the USDC – S.D.N.Y.
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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) consequently, the Company was in violation of Japanese anti-bribery laws and its Code of Ethics; and (3) 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.