The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against 500.com Limited (WBAI)

LOS ANGELES, CA / ACCESSWIRE / March 15, 2020 / The Law Offices of Frank R. Cruz reminds investors of the upcoming March 16, 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.

If you purchased or otherwise acquired 500.com securities during the Class Period, you may move the Court no later than March 16, 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.

SOURCE: The Law Offices of Frank R. Cruz

ReleaseID: 580812

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