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Renren Inc. (NYSE: RENN) announced the effectiveness of a Final Order and Judgment from the New York State Supreme Court as of October 20, 2022. This follows the withdrawal of appeals linked to consolidated shareholder derivative lawsuits. The order approves a Stipulation of Settlement, with the Net Settlement Amount to be distributed to Class A ordinary shareholders, excluding defendants. The precise distribution amount and record date will be announced shortly.
Renren operates multiple SaaS businesses, including Chime and Trucker Path.
Renren Inc. (NYSE: RENN) announced the appointment of two new independent directors, James M. Dumler and James D. Reed, effective October 11, 2022. Concurrently, directors Hui Huang and Chuanfu Wang resigned for personal reasons, with no disagreements reported. Post-changes, the board will comprise five members, including three independent directors. Dumler and Reed bring extensive experience from various industries, expected to provide significant value to the company and its shareholders. The press release emphasizes the importance of these appointments for Renren's strategic direction.
Renren Inc. (NYSE: RENN) announced on June 10, 2022, that the New York State Supreme Court approved a settlement for the consolidated shareholder derivative lawsuits against the company. The approval follows a hearing held on June 9, 2022, regarding the Amended Stipulation of Settlement. This action aims to resolve ongoing litigation related to shareholder claims, with the final order issued on the same day. The details of the settlement can be found in the Form 6-K submitted to the SEC. Renren operates various U.S.-based SaaS businesses, including Chime and Trucker Path.
On May 27, 2022, Renren Inc. (NYSE: RENN) announced the signing of a Stipulation Amendment related to its shareholder derivative litigation settlement. Following the court's concerns on the Initial Stipulation from October 2021, the amendment includes changes to settlement fund distribution and attorney fees. While both parties aim for a new overall settlement, it remains subject to court approval and other conditions, presenting inherent risks and uncertainties. The complete Stipulation Amendment text will be filed with SEC soon.
The law firms Reid Collins & Tsai LLP, Grant & Eisenhofer P.A., and Gardy & Notis, LLP, acting as Plaintiffs' Lead Counsel in the In re Renren, Inc. Derivative Litigation, have announced updates on the Renren, Inc. (NYSE: RENN) derivative settlement website. A court hearing is scheduled for June 9, 2022, at 9:30 a.m. to consider the proposed Settlement and related matters. Interested parties are encouraged to visit the settlement website for important documents and updates.
Renren Inc. (NYSE: RENN) filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC on April 29, 2022. The report includes consolidated financial statements, which shareholders can request in hard copy for free. Renren operates several SaaS businesses, including Chime and Trucker Path, aimed at real estate professionals and commercial truck drivers, respectively. The company's American Depositary Shares (ADSs) represent 45 Class A ordinary shares and are traded under the symbol RENN.
Renren Inc. (NYSE: RENN) has signed a Software License and Distribution Agreement with Guangzhou Yupu Software Technology Co., Ltd., allowing Renren's subsidiary, SaaS Logistics US, Inc., a perpetual, exclusive, and irrevocable license to modify and commercialize software globally (excluding Mainland China) for a one-time payment of RMB2 million (approx. US$0.31 million). Additionally, Mr. Rui Song, the former CEO of Guangzhou Yupu, will become the CEO of SaaS Logistics US, Inc., aiming to enhance Renren's driver-centric SaaS services.
Renren Inc. (NYSE: RENN) reported significant financial results for H1 2021, achieving a 91% increase in net revenues to US$15.0 million, driven by growth in its SaaS divisions, Chime and Trucker Path. The company recognized a gain of US$123.7 million from the deconsolidation of Kaixin, reducing its ownership from 69.4% to 33.3%. While gross margins rose to 84%, the net loss attributable to shareholders was US$49.7 million. Renren anticipates fiscal year revenues between US$32.2 million and US$34.2 million, reflecting continued growth and operational improvements.
On December 9, 2021, a hearing was held in the New York State Supreme Court concerning a settlement for shareholder derivative lawsuits against Renren Inc. (NYSE: RENN). The Court indicated it would deny the motion to approve the proposed Stipulation of Settlement. Following this, a formal order was issued on December 10, 2021, officially denying the motion. A subsequent hearing is scheduled for January 30, 2022. Renren operates several SaaS businesses, including Chime and Trucker Path.
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