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500.com Limited

Case Summary

500.com Limited Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 12/21/2020 (Date of last review)

Filing Date: January 15, 2020

According to the Complaint, 500.com, through its subsidiaries, purports to provide online gaming services primarily in the People's Republic of China and Europe.

The Complaint alleges that Defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose that: (1) 500.com executives and consultants engaged in a bribery scheme with Japanese officials in an effort to gain favor in a bid to run an upcoming Japanese casino resort; (2) consequently, 500.com was in violation of Japanese anti-bribery laws and its Code of Ethics; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

This case was voluntarily dismissed on April 8, 2020. A related case continues under Docket 20-CV-00806 in the Eastern District of New York.

On March 26, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 25. Lead Plaintiff filed a second amended Complaint on November 20.

Company & Securities Information

Defendant: 500.com Limited

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.

First Identified Complaint

Fengjun Sun, et al. v. 500.com Limited, et al.

COURT: D. New Jersey
DOCKET #: 20-CV-00485
JUDGE: Hon. Esther Salas
DATE FILED: 01/15/2020
CLASS PERIOD START: 04/27/2018
CLASS PERIOD END: 12/31/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 01/15/2020
2 U.S. District Court Civil Docket 04/08/2020
3 Notice of Voluntary Dismissal without Prejudice 04/08/2020

Reference Complaint

Bryan Xuan, et al. v. 500.com Limited, et al.

COURT: E.D. New York
DOCKET #: 20-CV-00806
JUDGE: Hon. Esther Salas
DATE FILED: 11/20/2020
CLASS PERIOD START: 04/27/2018
CLASS PERIOD END: 12/31/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (NY)
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 02/13/2020
2 Amended Class Action Complaint for Violations of the Federal Securities Laws 06/25/2020
3 U.S. District Court Civil Docket 07/02/2020
4 Second Amended Class Action Complaint for Violations of the Federal Securities Laws 11/20/2020
5 U.S. District Court Civil Docket 01/05/2021

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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