Muddy Waters' Carson Block pitched a new short candidate at the Value Investing Congress that is being held in New York. While Block did not spend much time on this company, they did say that they noticed some red flags with 500.com Ltd (NYSE:WBAI).
Leader in sports lottery
500.com Ltd (NYSE:WBAI) is a Chinese company that provides online sports lottery services. At the end of last year, it was launched as the sole licensee holder in sports lottery in China. 500.com has a market cap of 1.2 billion and trades at 37x P/E. Since its IPO in November 2013, WBAI's stock has...
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