San Diego, CA -- (SBWIRE) -- 02/07/2020 -- An investor, who purchased NYSE: WBAI shares, filed a lawsuit against 500.com Ltd over alleged violations of Federal Securities Laws.

Investors who purchased shares of 500.com Ltd (NYSE: WBAI) have certain options and for certain investors are short and strict deadlines running. Deadline: March 16, 2020. (NYSE: WBAI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On December 31, 2019, 500.com announced "that the Company's Board of Directors (the 'Board') has formed a Special Investigation Committee ('SIC') to internally investigate alleged illegal money transfers and the role played by consultants following the arrest of one consultant (also a former director of the Company's subsidiary in Japan) and two former consultants by the Tokyo District Public Prosecutors Office." 500.com Ltd further disclosed the resignation of Xudong Chen as Chairman of the Company's Board, effective December 30, 2019, and that "the Board has accepted the request from Mr. Zhengming Pan, Director and Chief Executive Officer, to temporarily step aside from his positions, effective December 30, 2019, until the conclusion of the SIC's investigation in order to ensure a thorough and fair investigation."

Shares of 500.com Ltd (NYSE: WBAI) declined from $11.50 per share in October 2019 to as low as $7.11 per share on January 6, 2020.

The plaintiff claims that between April 27, 2018 and December 31, 2019, the defendants made false and/or misleading statements and/or failed to disclose 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, that consequently, 500.com was in violation of Japanese anti-bribery laws and its Code of Ethics, and 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.

Those who purchased shares of 500.com Ltd (NYSE: WBAI) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.