NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A. announces it is investigating potential civil securities claims against 500.com Limited (NYSE:WBAI) resulting from allegations that the Company may have issued materially inaccurate statements about the Company’s true financial condition and prospects.
500.com is the leading online sports lottery service provider in China. On May 7, 2014, a published report indicated that online sports lottery sales in China are illegal without prior authorization and the China Sports Lottery Administration Center (the “CSLAC”) publicly stated it had not authorized any sports lottery websites. The report asserts that this directly contradicts 500.com’s filings with the U.S. Securities and Exchange Commission stating that it was previously approved to sell sports lottery products online on behalf of the CSLAC in China. Consequently, 500.com’s business may be subject to suspension. Upon disclosure of these adverse facts, the Company’s stock to fell $5.07 per share, or approximately 15%, on May 7, 2014, damaging investors.
The Rosen Law Firm is preparing a securities class action lawsuit on behalf of 500.com investors. If you purchased 500.com stock prior to May 7, 2014 please visit the website at http://rosenlegal.com to join the class action. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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