Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of 500.com Limited (NYSE: WBAI) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of 500.com Limited (NYSE: WBAI) concerning whether a series of statements by 500.com Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On December 31, 2019, the Company revealed an internal investigation regarding alleged illegal money transfers following the arrest of one consultant (also a former Director of the Company's subsidiary in Japan) and two former consultants. In addition, 500.com revealed that its Chairman of the Board of Directors resigned and that its Chief Executive Officer and Director would "step aside" from his positions until the investigation concluded.
Following this news, NYSE: WBAI fell $1.08 per share, or over 12.5%, to close at $7.52 per share on January 2, 2020.
Based in Shenzhen, the People's Republic of China, and founded in 2001 500.com Limited provides online gaming services primarily in the People's Republic of China and Europe.
If you purchased shares of 500.com Limited (NYSE: WBAI) on or before December 31, 2019, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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