PHOENIX, Dec. 9, 2021 /PRNewswire/ -- Renren Inc.
(NYSE: RENN) ("Renren" or the "Company"), today
announces that a hearing was held today 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") to consider the motion of the Plaintiffs to
approve the Stipulation of Settlement ("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 declined to approve the
settlement. The Court rejected the procedure under the
Stipulation for setting the Record Date for determining the holders
of Renren's Class A ordinary shares and American depositary shares
entitled to distributions from the Settlement Fund. The court also
stated that the proposed fee award to Plaintiffs' counsel was too
high. The Court stated that it intends to issue a written
order shortly from which an appeal may be taken.
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
SOURCE Renren Inc.