Case Page

 

Case Status:    SETTLED
On or around 11/01/2016 (Settlement preliminarily approval)

Filing Date: February 27, 2015

According to the press release, 500.com issued materially false and misleading statements to investors by failing to disclose the risk of provincial sports lottery administration centers voluntarily suspending the acceptance of online purchase orders for lottery products. On May 7, 2014, Jinghua Daily published an article revealing that the China Welfare Lottery Administration Center and CSLAC both said that they have never authorized any website or agency to conduct online lottery sales to date and all online lottery sales are illegal. On this news, shares of 500.com fell $5.07 per share or over 15% from its previous closing price to close at $28.61 per share on May 7, 2015. On January 17, 2015, Sina.com published an article reporting that the certain Chinese governmental authorities issued a notice requiring provincial agencies to conduct self inspection with regards to unauthorized online lottery sales. On this news, shares of 500.com fell $0.60 per share from its previous closing price to close at $17.52 per share on January 20, 2015, further damaging investors. On February 25, 2015, 500.com 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 a notice issued by governmental authorities. On this news, shares of 500.com fell $2.87 per share or over 22% to close at $9.96 per share on February 25, 2015, further damaging investors.

On September 12, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved on November 1.

COMPANY INFORMATION:

Sector: Services
Industry: Casinos & Gaming
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: WBAI
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 15-CV-01463
JUDGE:
DATE FILED: 02/27/2015
CLASS PERIOD START: 11/23/2013
CLASS PERIOD END: 02/25/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 15-CV-01463
JUDGE:
DATE FILED: 09/15/2015
CLASS PERIOD START: 11/22/2013
CLASS PERIOD END: 03/02/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
  2. Shepherd, Finkelman, Miller & Shah, LLC (San Franncisco)
    199 Fremont Street, 20th Floor, Shepherd, Finkelman, Miller & Shah, LLC (San Franncisco), CA 94105
    415.992.7282 415.992.7282 ·
No Document Title Filing Date