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), if they purchased the Company’s securities between April 27, 2018 and December 31, 2019, inclusive (the "Class Period"). This action is pending in the United States District Court for the District of New Jersey.
What You May Do
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 visit https://www.ksfcounsel.com/cases/nyse-wbai/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 16, 2020.
About the Lawsuit
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.
The case is Sun v. 500.com Limited, et. al., 2:20-cv-00485.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163