Renren Announces Court Approval of Settlement Regarding Shareholder Derivative Litigation

PHOENIX, June 10, 2022 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), a SaaS company, today announced that a hearing was held on June 9, 2022 before the New York State Supreme Court, Commercial Division (the "Court") for the consolidated shareholder derivative lawsuits captioned In re Renren, Inc. Derivative Litigation, Index No. 653594/2018 (Sup. Ct. N.Y. Cty.) (the "Action") to consider the motion of the Plaintiffs to approve the Stipulation of Settlement dated October 7, 2021, as amended by an Amendment to Stipulation of Settlement dated May 27, 2022 (the "Amended Stipulation") settling the Action.  The Amend Stipulation can be found in the exhibits to the Form 6-K that the Company furnished to the U.S. Securities and Exchange Commission (the "SEC") on October 8, 2021 and May 27, 2022, respectively.  At the hearing, the Court announced that it intended to grant the motion to approve the Amended Stipulation. The judge issued a Final Order and Judgment on June 9, 2022, which will be included as an exhibit to the Form 6-K that the Company intends to promptly furnish to the SEC thereafter, attaching this press release as an exhibit thereto.

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