SOURCE: Kahn Swick & Foti, LLC

April 17, 2015 22:00 ET

500.COM SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against 500.com Limited - WBAI

NEW ORLEANS, LA--(Marketwired - Apr 17, 2015) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 28, 2015 to file lead plaintiff applications in a securities class action lawsuit against 500.com Limited (NYSE: WBAI) if they purchased the Company's Ordinary Participation Certificates in the form of American Depositary Shares in and/or traceable to the Company's initial public offering ("IPO") on or about November 22, 2013 and between November 22, 2013 through February 25, 2015 (the "Class Period"). This action is pending in the United States District Court for the Central District of California.

What You May Do

If you purchased shares of 500.com and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 28, 2015.

About the Lawsuit

500.com and certain of its executives are charged with failing to disclose material information in connection with its IPO and during the Class Period, violating federal securities laws.

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, the price of 500.com's shares fell by over 15%.

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, 500.com's shares fell again.

Then, 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, the price of 500.com's shares plummeted by over 22%.

About Kahn Swick & Foti, LLC

To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.

Contact Information

  • Contact:

    Kahn Swick & Foti, LLC
    Lewis Kahn
    Managing Partner
    lewis.kahn@ksfcounsel.com
    1-877-515-1850
    206 Covington St.
    Madisonville, LA 70447