SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

March 02, 2015 16:00 ET

INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in 500.com Limited (WBAI) to Contact the Firm

NEW YORK, NY--(Marketwired - March 02, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in 500.com Limited ("500.com" or the "Company") (NYSE: WBAI) of the April 28, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against 500.com, certain executives, and underwriters of the Company's initial public offering ("IPO").

A complaint has been filed in the Central District of California on behalf of all persons who purchased or otherwise acquired 500.com American Depository Shares ("ADSs") pursuant or traceable to the Company's Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with 500.com's IPO which commenced on or about November 22, 2013 and all purchasers of 500.com ADSs between November 22, 2013 and February 25, 2015, inclusive (the "Class Period").

The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.

Specifically, the action alleges that throughout the Class Period, 500.com issued materially false and misleading statements by not disclosing the risk posed by the Company's provincial sports lottery administration centers' practice of voluntarily suspending the acceptance of online purchase orders for their lottery products.

On February 25, 2015, the Company announced that, in response to a notice issued by governmental authorities, certain provincial sports lottery administration centers will temporarily suspend accepting online purchase orders for lottery products.

Following this news, the Company's stock declined $2.87 per share, or over 22%, to close at $9.96 per share on February 25, 2015.

Request more information now by clicking here: www.faruqilaw.com/WBAI. There is no cost or obligation to you.

Take Action

If you invested in 500.com stock or options pursuant or traceable to the Company's Registration Statement issued in connection with 500.com's IPO which commenced on or about November 22, 2013 and or purchased 500.com ADSs between November 22, 2013 and February 25, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/WBAI. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding 500.com's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330