A group of investors in 500.com have filed a class-action lawsuit against the Chinese sports lottery firm following the emergence of allegations that it may have committed securities fraud in attempting to bribe a prominent Japanese legislator, through the Massachusetts law firm Block and Leviton LLC.
Shenzhen-headquartered 500.com was purportedly interested in being granted a license to build and operate an integrated casino resort on the Japanese islands of Hokkaido or Okinawa. To help smooth its path, the firm is alleged to have secretly paid bribes totalling up to ¥7.2 million ($65,370) to the nation’s Deputy Minister for the Ministry of Land, Infrastructure, Transport and Tourism, Tsukasa Akimoto.
As a result of all this, the Boston-based law firm contends that the price of shares in 500.com decreased by 12% in only one day and that it is now hoping to secure compensation for any of the defendant’s out-of-pocket investors.
Mark Delaney, an attorney at Block and Leviton LLC, claim that that 500.com had ‘concealed from investors that its executives were bribing Japanese lawmakers’ and that he is now interested in hearing from anyone who purchased shares in the firm between April of 2018 and the end of last year.
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