A Carson Block short has been frozen by the Chinese government, and the stock hasn’t traded at all today
Carson Block mentioned 500.com as a short back in September.
Shares of Chinese sports lottery site 500.com (WBAI) have been halted since Monday morning with news pending.
On Friday, 500.com said it reached an agreement with the Chinese government that essentially suspended the company’s business. “The Company plans to voluntarily and temporarily suspend all of its online lottery sales services starting from April 4, 2015. During this temporary suspension period the Company expects that it will not generate any revenue,” the statement said (See full statement below). 500.com is also a target of influential short-seller Carson Block. Shares have fallen 64% since he publicly mentioned the stock at a private conference in New York City back in September. Continue reading