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500.COM SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against 500.com Limited - WBAI

January 18, 2020 GMT

NEW ORLEANS--(BUSINESS WIRE)--Jan 17, 2020--

Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 16, 2020 to file lead plaintiff applications in a securities class action lawsuit against 500.com Limited (NYSE: WBAI), if they purchased the Company’s securities between April 27, 2018 and December 31, 2019, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.

What You May Do

If you purchased securities of 500.com and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ( lewis.kahn@ksfcounsel.com ), or visit https://www.ksfcounsel.com/cases/nyse-wbai/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 16, 2020.

About the Lawsuit

500.com and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On December 31, 2019, the Company disclosed that it had formed a Special Investigation Committee to investigate illegal money transfers and the extent of the involvement of its consultants after the arrests of one current consultant and two former consultants, as well as the resignation of its Chairman of the Board, and the temporary departure of its Chief Executive Officer pending the outcome of the internal investigation.

On this news, the price of 500.com’s shares plummeted.

The case is Sun v. 500.com Limited, et. al., 2:20-cv-00485.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200117005493/en/

CONTACT: Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner

lewis.kahn@ksfcounsel.com

1-877-515-1850

1100 Poydras St., Suite 3200

New Orleans, LA 70163

KEYWORD: UNITED STATES NORTH AMERICA LOUISIANA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Kahn Swick & Foti

Copyright Business Wire 2020.

PUB: 01/17/2020 10:50 PM/DISC: 01/17/2020 10:50 PM

http://www.businesswire.com/news/home/20200117005493/en