On or around 07/02/2020 (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.
Company & Securities Information
Defendant: 500.com Limited
Industry: Casinos & Gaming
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:
The Rosen Law Firm, P.A.
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws