LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising 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”).
Please contact Casey Sadler at (888) 773-9224 or (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
500.com provides online sports lottery services in the People’s Republic of China. The Complaint 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 may move the Court no later than April 28, 2015, 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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