According to the Complaint, 500.com Limited, 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. Defendants filed a Motion to Dismiss the second amended Complaint on February 19, 2021. On September 20, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.