NEW 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 mrakower@rakowerlaw.com 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: http://www.rakowerlaw.com.
CONTACT:
Michael C. Rakower
260 Madison Avenue, 15th Fl.
New York, NY 10016
mrakower@rakowerlaw.com
(212) 660-5550
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SOURCE Rakower Law
