[April 15, 2015]

SECURITIES ALERT: The Rosen Law Firm Reminds 500.com Limited Investors of the Important April 28, 2015 Deadline in the Class Action Filed by the Firm - WBAI

The Rosen Law Firm, a global investor rights firm, reminds purchasers of 500.com Limited (NYSE:WBAI) American Depository Shares from November 22, 2013 through February 25, 2015 of the important April 28, 2015 lead plaintiff deadline in the class action filed by the firm. The lawsuit seeks to recover damages for 500.com investors under the federal securities laws.

To join the 500.com class action, go to the website at http://www.rosenlegal.com/cases-275.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. The lawsuit filed by the firm is pending in the U.S. District Court for the Central District of California.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. OU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, 500.com 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. 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, 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, 2014. On January 17, 2015, Sina.com published an article reporting that 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. 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.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 28, 2015. If you wish to join the litigation, go to the website at http://www.rosenlegal.com/cases-275.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

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