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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).
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.
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 (firstname.lastname@example.org), or fill out the form on this page.
The case is Sun v. 500.com Limited, et. al., 2:20-cv-00485. Click here to read the case complaint.