Class Action Lawsuit Filed Against 500.com Limited

Class Action Lawsuit Filed Against 500.com Limited

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500.com Shareholder Alert – Kehoe Law Firm, P.C. Investigating 500.com Limited

Kehoe Law Firm, P.C. is investigating claims on behalf of investors of 500.com Limited (“500.com” or the “Company”) (NYSE: WBAI) for potential violations of the federal securities laws.

500.com investors who purchased, or otherwise acquired, 500.com securities between April 27, 2018 and December 31, 2019, inclusive (the “Class Period”) are encouraged to contact Kehoe Law Firm, P.C. to discuss the investigation and potential claims. 

On January 15, 2020, a class action lawsuit was filed on behalf of persons or entities who purchased, or otherwise acquired, publicly-traded 500.com securities between April 27, 2018 and December 31, 2019, inclusive.  The class action lawsuit seeks to recover compensable damages for violations of the federal securities laws under the Securities Exchange Act of 1934.

According to the lawsuit, 500.com 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, 500.com 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.

If you wish to discuss the class action lawsuit, Kehoe Law Firm’s investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.

Kehoe Law Firm, P.C.