PHOENIX, Oct. 26,
2022 /PRNewswire/ -- Renren
Inc. (NYSE: RENN) ("Renren" or the
"Company"), a SaaS company, today announced that the
Final Order and Judgment entered by the New York State Supreme Court, Commercial
Division on June 9, 2022
(the "June 9 Final
Order"), which was furnished by the Company to the U.S.
Securities and Exchange Commission (the "SEC") on
Form 6-K on June 10, 2022, became
effective on October 20, 2022
following a withdrawal of appeal by certain parties. The
June 9 Final Order approves, among
other things, the Stipulation of Settlement dated October 7, 2021, as amended by an Amendment to
Stipulation of Settlement dated May 27,
2022 (in combination the "Stipulation"). The
Stipulation settles the consolidated shareholder derivative
lawsuits captioned In re Renren, Inc. Derivative
Litigation, Index No. 653594/2018 (Sup. Ct. N.Y.
Cty.).
Pursuant to the Stipulation, the Net Settlement Amount (as
defined in the Stipulation) will be distributed to all holders of
Renren's Class A ordinary shares (including those in the form of
Renren American Depositary Shares) other than the Defendants and
D&O Releasees (each as specifically identified in the
Stipulation).
The Company plans to announce the exact amount
distributable and the record date in due course.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates several U.S.-based
SaaS businesses including Chime, an all-in-one CRM and sales
acceleration platform designed to help real estate professionals
close more deals faster, and Trucker Path, a suite of applications
and dispatch services commercial truck drivers use to plan trips,
navigate, and operate their business. 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 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 Company cautions investors that 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.