Benzinga | Dec 13, 2021 07:17AM EST

Renren Provides Update on Court Order Denying Proposed Settlement re Shareholder Derivative Action

Renren Inc. (NYSE:RENN) ("Renren" or the "Company"), today announces that a hearing was held before the New York State Supreme Court, Commercial Division (the "Court") in the consolidated shareholder derivative lawsuits captioned In re Renren, Inc. Derivative Litigation, Index No. 653594/2018 (Sup. Ct. N.Y. Cty.) (the "Action") on December 9, 2021 to consider the motion of the Plaintiffs to approve the Stipulation of Settlement (the "Stipulation") settling the Action. The Stipulation is attached to the Form 6-K filed by the Company on October 8, 2021. At the hearing, the Court announced that it intended to deny the motion to approve the Stipulation. Subsequently, on December 10, 2021, the Court issued a written order formally denying the motion to approve the Stipulation (the "Order"), and set a subsequent hearing on the motion of the Stipulation for January 30, 2022.