Renren Announces Signing of Amendment to Settlement Relating to Shareholder Derivatives Litigation
PHOENIX, May 27, 2022 /PRNewswire/ — Renren Inc. (NYSE:RENN) (“renren“or the”Company“), a SaaS company, today announced that it has entered into an amendment (the “Stipulation Amendment”) to the settlement stipulation entered into on October 7, 2021 (there “Initial stipulation“, as well as the amendment of the stipulation, the “stipulation“). Capitalized but undefined terms used herein shall have the same meaning ascribed to them in Exhibit 99.1 of Form 6-K filed by the company with the Securities and Exchange Commission on October 8, 2021.
The court declined to approve the original stipulation by order dated December 10, 2021, raising concerns regarding (i) certain objections raised as to the recipients of the settlement funds, (ii) the amount of attorneys’ fees sought, and (iii) the return to Renren of any remaining settlement funds. On May 27, 2022, Plaintiffs and Defendants, after additional negotiations, have reached agreement on certain changes to the original stipulation, including the definitions of “Final”, “Settlement Amount” and “True Up”, as well as an amendment of the reversionary provision, which provides for the distribution of the remaining settlement funds. Plaintiffs and Defendants have entered into the amendment of the stipulation in an effort to reach a new global settlement of the entire action (the “Rules“).
Because the Settlement remains subject to Court approval and satisfaction of other conditions set forth in the Stipulation, which involve inherent risks and substantial uncertainties, there is no guarantee that the Settlement will be consummated as intended in the Stipulation or not at all.
The above summary of the Amendment to the Stipulation is qualified in its entirety by reference to the complete text of this document, which will be filed as an attachment to Form 6-K which the Company intends to promptly provide to the Securities and Exchange Commission thereafter, attaching this press release as an attachment.
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 transactions faster, and Trucker Path, a suite of apps and dispatch services commercial truckers use to plan trips, navigate and operate their business. Renren’s ADSs, each currently representing 45 Class A common shares of the Company, trade on the NYSE under the symbol “RENN”.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Renren may also make written or oral forward-looking statements in its filings with the United States Securities and Exchange Commission (the “SECOND“), 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 on Renren’s beliefs and expectations, are conveyed – forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, which could cause actual results to differ from the forward-looking statements. In particular, since the Proposed Settlement depends , among other things, obtaining the necessary court approval, the Company cautions investors that the forward-looking statements included in this press release are not guarantees of future events and that actual events may differ materially from those expressed or implied by forward-looking statements.Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they 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 in other filings with the SEC. All information provided in this press release is as of the date of this press release, and Renren undertakes no obligation to update any forward-looking statements except as required by applicable law.