500.COM LIMITED INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action has been filed on behalf of investors of 500.com Limited

NEW YORK, Jan. 27, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed on behalf of investors in 500.com Limited ("500.com" or the "Company") (NYSE:WBAI) who purchased American Depositary Receipts ("ADR's") of 500.com from April 27, 2018 through December 31, 2019, inclusive ("Class Period").

All investors who purchased American Depositary Receipts of 500.com Limited and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774.

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On December 31, 2019, 500.com issued a press release announcing "that the Company's Board of Directors (the 'Board') has formed a Special Investigation Committee ('SIC') to internally investigate alleged illegal money transfers and the role played by consultants following the arrest of one consultant (also a former director of the Company's subsidiary in Japan) and two former consultants by the Tokyo District Public Prosecutors Office."

500.com further disclosed the resignation of Xudong Chen as Chairman of the Company's Board,  effective December 30, 2019, and that "the Board has accepted the request from Mr. Zhengming Pan, Director and Chief Executive Officer, to temporarily step aside from his positions, effective December 30, 2019, until the conclusion of the SIC's investigation in order to ensure a thorough and fair investigation." 

On this news, 500.com's ADR price fell $1.08 per share, to close at $7.52 per share on January 2, 2020, the following trading day.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP

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