The Newsroom

Investigations  /  01.22.2020

Investigation of 500.com Limited

You Have Legal Options

500.com Limited (WBAI) Accused of Engaging in Bribery Scheme to Run New Japanese Casino Resort 

According to the complaint for alleged violations of the Securities Exchange Act of 1934 between April 27, 2018 and December 31, 2019, on April 27, 2018, 500.com Limited (WBAI) issued its Annual Report on Form 20-F attesting to the Company’s disclosure of all fraud and stating in pertinent part that its “employees have an obligation to comply with all laws, rules and regulations applicable to the Company’s operations” including “[t]he Foreign Corrupt Practices Act [which] prohibits the Company and its employees and agents from offering or giving money or any other item of value to win or retain business.” Despite reaffirming these same assertions throughout the relevant period, on December 31, 2019, 500.com announced that a Special Investigation Committee (“SIC”) was formed by 500.com’s board to investigate illegal money transfers and the role played by current and former consultants in these transfers after the arrest of three consultants by the Tokyo District Public Prosecutors Office. On this news, shares of 500.com fell over 10% to close at $7.52 per share and has yet to recover.

  • If you would like more information about your rights and potential remedies please send us a message. 

  • Please Note: Neither the submission to nor the receipt of information by Robbins LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

How can we help you?

CONTACT US TODAY | 1 800 350 6003 or [email protected]

Tell us your concerns