SAN DIEGO & SHENZHEN, China–(BUSINESS WIRE)–$WBAI #ClassAction–Shareholder rights law firm Robbins LLP announces that a purchaser of 500.com Limited (NYSE: WBAI) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between April 27, 2018 and December 31, 2019. 500.com provides online gaming services primarily in the People’s Republic of China and Europe.
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500.com Limited (WBAI) Accused of Engaging in Bribery Scheme to Run New Japanese Casino Resort
According to the complaint, on April 27, 2018, 500.com issued its Annual Report on Form 20-F attesting to the Company’s disclosure of all fraud and stating in pertinent part that its “employees have an obligation to comply with all laws, rules and regulations applicable to the Company’s operations” including “[t]he Foreign Corrupt Practices Act [which] prohibits the Company and its employees and agents from offering or giving money or any other item of value to win or retain business.” Despite reaffirming these same assertions throughout the relevant period, on December 31, 2019, 500.com announced that a Special Investigation Committee (“SIC”) was formed by 500.com’s board to investigate illegal money transfers and the role played by current and former consultants in these transfers after the arrest of three consultants by the Tokyo District Public Prosecutors Office. On this news, shares of 500.com fell over 10% to close at $7.52 per share and has yet to recover.
500.com Limited (WBAI) Shareholders Have Legal Options
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