Moatable Inc ADR (MTBLY)

[Enterprising Investor]

Renren Announces Effectiveness of Settlement Regarding Shareholder Derivative Litigation (10/26/22)

Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), a SaaS company, today announced that the Final Order and Judgment entered by the New York State Supreme Court, Commercial Division on June 9, 2022 (the "June 9 Final Order"), which was furnished by the Company to the U.S. Securities and Exchange Commission (the "SEC") on Form 6-K on June 10, 2022, became effective on October 20, 2022 following a withdrawal of appeal by certain parties. The June 9 Final Order approves, among other things, the Stipulation of Settlement dated October 7, 2021, as amended by an Amendment to Stipulation of Settlement dated May 27, 2022 (in combination the "Stipulation"). The Stipulation settles the consolidated shareholder derivative lawsuits captioned In re Renren, Inc. Derivative Litigation, Index No. 653594/2018 (Sup. Ct. N.Y. Cty.).

Pursuant to the Stipulation, the Net Settlement Amount (as defined in the Stipulation) will be distributed to all holders of Renren's Class A ordinary shares (including those in the form of Renren American Depositary Shares) other than the Defendants and D&O Releasees (each as specifically identified in the Stipulation).

The Company plans to announce the exact amount distributable and the record date in due course.

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 deals faster, and Trucker Path, a suite of applications and dispatch services commercial truck drivers use to plan trips, navigate, and operate their business. Renren's ADSs, each currently representing 45 Class A ordinary shares of the Company, are traded on NYSE under the symbol "RENN".

https://www.prnewswire.com/news-releases/renren-announces-effectiveness-of-settlement-regarding-shareholder-derivative-litigation-301660425.html