HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Urges 500.com (WBAI) Investors to Contact Its Attorneys Immediately, Securities Class Action Filed Against WBAI
SAN FRANCISCO, Jan. 15, 2020 /PRNewswire/ — Hagens Berman encourages 500.com Limited (NYSE: WBAI) investors who have suffered significant losses to submit their losses now to learn if they qualify to recover their investment losses. A securities class action was recently filed against the company and senior executives, and certain investors may have valuable claims.
500.com Limited (WBAI) Securities Class Action:
The complaint alleges that Chinese online gambling operator 500.com concealed that its executives were bribing Japanese lawmakers to influence Japanese gaming policy and secure the development of a casino resort project in Japan.
The market began to learn the truth on Dec. 27, 2019, when media outlets reported that a Japanese elected official was arrested by Tokyo prosecutors and charged with receiving 3 million yen ($27,400) in cash from 500.com.
Then, on Dec. 31, 2019, 500.com announced the initiation of an internal investigation into alleged illegal money transfers, the concurrent resignation of its Chairman of the Board, and the “temporary” departure of its Chief Executive Officer pending the outcome of the internal investigation.
News of 500.com illegal money transfers caused the price of WBAI ADRs to decline sharply.
“We’re focused on investors’ losses and proving 500.com concealed its involvement in an illicit lobby scheme,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of 500.com and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding 500.com should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email WBAI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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