500.com Limited Announces the Closing of the Internal Investigation
500. COM LTD (WBAI)
US:NYSE Investor Relations:
500.investorroom.com
Company Research
Source: PR Newswire
SHENZHEN, China, Oct. 7, 2020 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), an online sports lottery service provider in China, today announced the Special Investigation Committee ("SIC") of the Company's Board of Directors has completed its internal investigation regarding alleged illegal money transfers in connection with the reported allegations against certain former consultants by the Tokyo District Public Prosecutors Office.As previously announced by the Company in its December 31, 2019 and January 16, 2020 press releases furnished to the SEC on Form 6-K, the Special Investigation Committee ("SIC") of the Company's Board of Directors engaged King & Wood Mallesons ("KWM") to conduct independent investigation. KWM presented its investigation review to SIC on October 7, 2020. Based on the findings and analyses in KWM's review, the SIC has concluded that it did not find a sufficient basis to establish a violation of the US Foreign Corrupt Practices Act o
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