WILMINGTON, Del., March 6, 2015 /PRNewswire/ -- Rigrodsky
& Long, P.A.:
- Do you, or did you, own shares of 500.com
Limited (NYSE: WBAI)?
- Did you purchase your shares pursuant
and/or traceable to the initial public offering on or about
November 22, 2013, or between
November 22, 2013 and February 25, 2015, inclusive?
- Did you lose money in your investment in
500.com Limited?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J.
MacFall, announces that a complaint has been filed in the
United States District Court for the Central District of
California on behalf of all
persons or entities that purchased the common stock of 500.com
Limited ("500.com" or the "Company") (NYSE: WBAI) between
November 22, 2013 and February 25, 2015, inclusive, including those
investors who acquired 500.com shares pursuant or traceable to its
initial public offering ("IPO") commenced on November 22, 2013 (collectively, the "Class
Period"), alleging violations of the Securities Act of 1933 and the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the "Complaint").
If you purchased shares of 500.com during the Class Period and
wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120,
Wilmington, DE 19803 at (888)
969-4242; by e-mail to info@rl-legal.com; or at:
http://www.rigrodskylong.com/investigations/500-com-limited-wbai.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and
omitted materially adverse facts, about the Company's business,
operations and prospects. Specifically, the Complaint alleges
that the Company 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. As
a result of defendants' false and misleading statements, the
Company's stock traded at artificially inflated prices during the
Class Period.
According to the Complaint, on May
7, 2014, Jinghua
Daily published an article revealing that the China
Welfare Lottery Administration Center and China Sports Lottery
Administration Center 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.
Then, 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.
Finally, 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.
If you wish to serve as lead plaintiff, you must move the Court
no later than April 28,
2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of
the claims of other class members, and that the class member will
adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed
class may move the court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights
litigation and corporate governance litigation, including claims
for breach of fiduciary duty and proxy violations in the
Delaware Court of Chancery and in
state and federal courts throughout the
United States.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rigrodsky--long-pa-announces-a-securities-fraud-class-action-lawsuit-has-been-filed-against-500com-limited-300047025.html
SOURCE Rigrodsky & Long, P.A.