AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

WBAI LOSS NOTICE: ROSEN, A GLOBALLY RECOGNIZED LAW FIRM, Announces Investigation of Securities Claims Against 500.com Limited – WBAI

January 3, 2020 GMT

NEW YORK--(BUSINESS WIRE)--Jan 2, 2020--

Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of 500.com Limited (NYSE: WBAI) resulting from allegations that 500.com may have issued materially misleading business information to the investing public.

On December 31, 2019, the Company announced 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. 500.com also announced 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.

On this news, the Company’s share price fell $0.91 per share, or over 10%, to close at $7.52 per share on January 2, 2020, the following trading day, injuring investors.

Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by 500.com investors. If you purchased shares of 500.com please visit the firm’s website at http://www.rosenlegal.com/cases-register-1750.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200102005572/en/

CONTACT: Laurence Rosen, Esq.

Phillip Kim, Esq.

The Rosen Law Firm, P.A.

275 Madison Avenue, 40thFloor

New York, NY 10016

Tel: (212) 686-1060

Toll Free: (866) 767-3653

Fax: (212) 202-3827

lrosen@rosenlegal.com

pkim@rosenlegal.com

cases@rosenlegal.com

www.rosenlegal.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Rosen Law Firm

Copyright Business Wire 2020.

PUB: 01/02/2020 08:52 PM/DISC: 01/02/2020 08:52 PM

http://www.businesswire.com/news/home/20200102005572/en