Sina Technology News In the early morning of December 10, Beijing time, Renren. N announced that the Commercial Court of the Supreme Court of New York held a hearing on its shareholder derivative lawsuit today to consider the motion to approve the settlement agreement. At the hearing, the court refused to approve the settlement motion. The court rejected the agreement on determining the right to receive distribution from the settlement funds Renren Company Procedures for recording dates of holders of Class A ordinary shares and ADSs.
The court indicated that it intended to issue a written order in the short term, which could be appealed against. Previously, Renren executives were accused of using the company's funds for personal investment purposes, in violation of trust obligations.
In March 2019, the plaintiff Heng Ren and others proposed to merge Chen Yizhou, Zhao Keren, DCM, OPI and Duff&Phelps complaint It is believed that insiders of the company caused Renren to transfer its investment at an undervalued price in the transaction of selling OPI, which benefited some defendants and damaged Renren's interests.
On October 8 this year, Renren announced that it had signed a settlement agreement with the plaintiff and would create a settlement fund of more than 300 million dollars. The amount of settlement exceeds the amount of compensation claimed. at that time After the news of the settlement, Renren's share price rose sharply.
