LOS ANGELES, CA / ACCESSWIRE / February 20, 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.
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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 [email protected].
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.
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SOURCE: The Schall Law Firm