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INVESTIGATION REMINDER: The Schall Law Firm Announces it is Investigating Claims Against 500.com Limited and Encourages Investors with Losses to Contact the Firm

January 3, 2020 GMT

LOS ANGELES--(BUSINESS WIRE)--Jan 3, 2020--

The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of 500.com Limited (“500.com” or “the Company”) (NYSE: WBAI ) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. 500.com announced on December 31, 2019, that it would undertake an internal investigation into allegations of illegal money transfers. The investigation follows the arrest of one consultant to the Company (a former Director of the Company’s Japanese subsidiary) along with two former consultants. The Company also announced the resignation of its Chairman of the Board and that its CEO would “step aside” for the duration of the investigation. Based on this news, shares of 500.com fell by more than 10% on January 2, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200103005330/en/

CONTACT: The Schall Law Firm

Brian Schall, Esq.

310-301-3335

Cell: 424-303-1964

info@schallfirm.com

www.schallfirm.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: The Schall Law Firm

Copyright Business Wire 2020.

PUB: 01/03/2020 01:23 PM/DISC: 01/03/2020 01:23 PM

http://www.businesswire.com/news/home/20200103005330/en