Legal firms have lottery website in their sights

Several law firms in the United States are looking into alleged wrongdoing by 500.com Ltd, a Chinese online sports lottery operator listed on the New York Stock Exchange.

Bronstein, Gewirtz & Grossman LLC, a law firm known for its aggressive class action lawsuits, said in a statement on Wednesday that its investigation into 500.com concerns whether the company violated the US Securities Exchange Act involving possible disclosure irregularities and insider trading. At least four other law firms have reportedly joined the investigation.

A spokesman for 500.com told China Daily on Thursday that the company had taken note of "the legal threat" but had not yet received an official complaint.