SHENZHEN, China, Jan. 16, 2020 /PRNewswire/ -- 500.com Limited
(NYSE: WBAI) ("500.com" or the "Company"), a leading online sports
lottery service provider in China,
today announced that the Special Investigation Committee ("SIC")
formed by the Company's Board of Directors (the "Board") has
retained King & Wood Mallesons LLP as legal advisor to assist
with the internal investigation into the role played by the
Company's former external consultants in the alleged illegal money
transfers following their arrest by the Tokyo District Public
Prosecutors Office.
Concurrently, Ms. Amy Yang Zhou,
General Manager of the International Collaboration Department of
Tsinghua Unigroup, has stepped down from her position on the
SIC as other professional commitments prevents her from regularly
attending the committee meetings. The SIC of the Board is now
composed of Mr. Shengwu Wu, Chairman
of the Board, and Mr. Honghui Deng and Ms. Angel Yan Ki
Wong, each an independent director.
About 500.com Limited
500.com Limited (NYSE: WBAI) is a leading online sports lottery
service provider in China. The
Company offers a comprehensive and integrated suite of online
lottery services, information, user tools and virtual community
venues to its users. 500.com was among the first companies to
provide online lottery services in China, and is one of two entities that have
been approved by the Ministry of Finance to provide online lottery
sales services on behalf of the China Sports Lottery Administration
Center, which is the government authority that is in charge of the
issuance and sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information, please contact:
500.com Limited
ir@500wan.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
View original
content:http://www.prnewswire.com/news-releases/500com-limited-special-committee-retains-legal-advisors-300988195.html
SOURCE 500.com Limited