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

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.

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