Welcome to the In re Renren, Inc. Derivative Litigation settlement website.
This Website contains important information for shareholders of Renren, Inc. (“Renren”). If you own Renren Class A ordinary shares and/or Renren American Depositary Shares (“ADS”) your rights will be affected by these legal proceedings. If the Court approves the Settlement, you will be forever barred from contesting the fairness, reasonableness, and adequacy of the Settlement and related matters. You will also be barred from bringing derivative claims or be part of another derivative lawsuit against Released Defendant Parties. If Defendants seek a release of direct claims held by Renren Shareholders and the Court approves such a release, then any direct claims you might hold as a Renren Shareholder will also be released. Therefore, you should read the Notice carefully.
The Court held a hearing on June 9, 2022 and granted final approval of the Settlement. The Court’s order is available here. The Settlement is presently on appeal. Once the appeals have been resolved, more information will be made available regarding a distribution date. After the appeals are resolved, a Record Date will be set. As long as you retain your shares on the Record Date, you will automatically receive a payment.
If approved by the Court, and subject to other conditions of the Settlement being satisfied, an aggregate amount of at least $300 million, less any amounts awarded by the Court for Plaintiffs’ Counsel’s attorneys’ fees and expenses and Settlement-related administrative and tax expenses, will be distributed on a pro rata basis to Renren shareholders and ADS holders as of a Record Date (the “Record Date”). Once the specific date of the Record Date is determined, Renren will file a Form 6-K with the SEC to publicly announce that date. The Record Date will also be updated on this website. Renren will also be required to implement material corporate governance reforms if the Settlement is approved.
Please note that there is no proof of claim form for shareholders to submit in connection with the Settlement, and Renren shareholders and ADS holders are not required to take any action in response to this Notice in order to receive pro rata distributions of settlement funds.
If you are a record owner of Renren Class A ordinary shares, please read the section in the Notice you received entitled “NOTICE TO RECORD OWNERS TO DISPUTE ANY DISCREPANCIES IN THE RECORD OWNER REGISTER.”
Payments will be made only if the Court approves the Settlement, and only after any appeals are resolved. Please be patient, as this process may take some time to complete.