technology news Beijing time on February 26th morning news, Thursday, 5 American firm has announced that the 500 lottery network (NYSE:WBAI) to investigate the possible existence of improper behavior.
announced that it would start the investigation of law firms including Bronstein, Gewirtz, Grossman, LLC, & Johnson & Weaver, LLP, Pomerantz LLP, The Rosen Law Firm, P.A., and Glancy Binkow & Goldberg LLP. These firms are calling on affected investors to engage in a class action lawsuit on behalf of investors.
investigation will focus on the 500 lottery network and its executives and directors of the existence of "Securities Law" in violation of the United States in 1934 10 (b) and 20 (a) in terms of behavior, as well as 500 lottery network whether the wrong expression of the company approved the China lottery management center. Earlier, the U.S. short investors, muddy water Carlson · Bullock (Carson Block) had alleged that 500 lottery network itself to participate in the lottery, and in 2013 a profit of $2 million.
of the Securities Act of 10 (b) provisions, no person shall have any significant information related to the transaction to make false statements or conceal the information on the sale of securities, or engage in other transactions with related fraud, otherwise constitute securities fraud, will bear the legal liability of civil and criminal provisions; 20 (a) liable parties, insider trading behavior to occur in insider trading behavior when buying or selling securities.
February 25th, 500 lottery network announced that the company recently noticed that in some provinces to carry out its business, the Provincial Sports Lottery Management Center will suspend the acceptance of lottery online betting, as the Ministry of Finance and the Ministry of civil affairs and the State Sports General Administration jointly issued in January 15th "on the issue of self-examination and rectification work carried out by unauthorized sales of lottery the Internet notice" response. Therefore, 500 lottery net 4 lottery sales will be suspended.
affected by this news, 500 lottery network shares in the U.S. stock market fell $2.87 on Wednesday, down $22.37%, to close at $9.96. 500 lottery network in November 22, 2013, the issue price of $20. March 27, 2014, the company’s share price has hit a record high of $54. (Wei Jin)