YORK, April 1, 2022 /PRNewswire/ -- Rakower Law
PLLC is investigating claims on behalf of investors of Renren Inc.
("Renren" or the "Company") who held shares of Renren in
June 2018. (NYSE: RENN) This
investigation concerns an action pending in New York Supreme Court,
New York County entitled, In re
Renren, Inc. Derivative Litigation, Index No. 653594/2018.
The action includes allegations that Renren's officers and
directors breached fiduciary duties owed to the Company in
connection with a series of transactions in which Renren's
investment portfolio was transferred to Oak Pacific Investments
("OPI") in exchange for an inadequate cash dividend paid to certain
minority shareholders who did not receive shares in OPI. In a
recent decision, the court concluded that those Renren shareholders
as of June 21, 2018 who received
dividends in connection with the OPI transaction are entitled to
recover on any judgment or settlement in the action.
Rakower Law PLLC represents an investor with sizeable Renren
holdings as of June 21, 2018 who
intervened in the pending court action. If you held Renren common
stock or American depositary shares ("ADS") on June 21, 2018 and received a cash dividend as a
result, you are advised to contact Michael
C. Rakower at firstname.lastname@example.org or (212) 660-5550 to
obtain additional information regarding this investigation.
ABOUT RAKOWER LAW PLLC
Rakower Law PLLC is a boutique commercial litigation firm
located in New York City focusing
on aggressively representing clients in complex commercial
disputes. For more information visit:
Michael C. Rakower
260 Madison Avenue, 15th Fl.
New York, NY 10016
SOURCE Rakower Law