Renren Inc. Provides Update on Court Order Denying Proposed Settlement re Shareholder Derivative Action
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.
- Renren operates several profitable SaaS businesses, which could drive future growth.
- The Court denied the motion to approve the settlement, indicating unresolved legal issues.
- Ongoing litigation may pose risks to Renren's financial stability and stock performance.
PHOENIX, Dec. 13, 2021 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), today announces that a hearing was held before the New York State Supreme Court, Commercial Division (the "Court") in the consolidated shareholder derivative lawsuits captioned In re Renren, Inc. Derivative Litigation, Index No. 653594/2018 (Sup. Ct. N.Y. Cty.) (the "Action") on December 9, 2021 to consider the motion of the Plaintiffs to approve the Stipulation of Settlement (the "Stipulation") settling the Action. The Stipulation is attached to the Form 6-K filed by the Company on October 8, 2021. At the hearing, the Court announced that it intended to deny the motion to approve the Stipulation. Subsequently, on December 10, 2021, the Court issued a written order formally denying the motion to approve the Stipulation (the "Order"), and set a subsequent hearing on the motion of the Stipulation for January 30, 2022.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates several US-based SaaS businesses including Chime, a CRM and Marketing Automation platform, and Trucker Path, a trip-planning and business app for long-haul truckers. Renren's ADSs, each currently representing 45 Class A ordinary shares of the Company, are traded on NYSE under the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Renren may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Renren's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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SOURCE Renren Inc.
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