New York Court Approves $300 Million Settlement Benefitting Minority Shareholders in Renren Derivative Litigation Announces Reid Collins – QNT Press Release

[ad_1]

  • Settlement of at least $300 million is among the largest ever shareholder derivative recoveries
  • Plaintiffs overcame novel issues of jurisdiction and standing in creating precedent-setting case law to hold foreign companies and actors accountable in US courts
  • As Lead Counsel, Reid Collins successfully prosecuted groundbreaking claims against Renren insiders

NEW YORK, June 9, 2022 /PRNewswire/ — Today the New York State Supreme Court granted approval of a direct pay cash settlement totaling at least $300 million resolving the In re Renren, Inc. Derivative Litigation (NYSE:RENN), one of the largest cash settlements of a derivative action in history. (The aggregate cash payment to Renren’s minority shareholders and ADS holders may exceed $300 million depending on the final determination of the number of shares and ADSs held by non-Defendants). The action alleges a complex scheme by Renren insiders to take the company’s billion-dollar investment portfolio for themselves.

Litigation powerhouse Reid Collins & Tsai LLP, Lead Counsel for the derivative plaintiffs, originally announced the terms of the settlement in October 2021.

Reid Collins Founding Partner William T. Reid, IV on the resolution of the Renren litigation: “This is an extraordinary result by any measure. It is very rare to settle a case for more than the damages that we originally pleaded. Yet indeed, from the vantage point of minority shareholders, we have recovered more for …

Full story available on Benzinga.com

[ad_2]

Source link

Recommended For You

About the Author: News Center