BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the American Depositary Shares (“ADSs”) of 500.com Limited (“500.com” or the “Company”) (NYSE:WBAI) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s November 22, 2013, initial public offering, including purchasers of 500.com ADSs between November 22, 2013 and February 25, 2015, inclusive (the “Class Period”).
500.com provides online sports lottery services in the People’s Republic of China. The lawsuit alleges that the Registration Statement misrepresented and/or failed to disclose that the Company did not have the necessary approvals to conduct online operations and faced the risk of voluntary suspension of the acceptance of online purchase orders by provincial sports lottery administration centers.
On February 25, 2015, the Company announced that “certain provincial sports lottery administration centers to which the Company provides sport lottery sales services plan to temporarily suspend accepting online purchase orders for lottery products in response to the Notice on Issues Related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales, which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People’s Republic of China on January 15, 2015.”
If you are a member of the Class described above, you have until April 28, 2015, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you would like to learn more about these claims, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.