近日,中国社交网站人人网在美国与少数股东达成和解协议,将创建一个金额高于3亿美元的和解基金。这将成为美国历史上金额最大的股东诉讼现金和解协议。

Reid Collins & TsaiGrant & EisenhoferGardy & NotisGanfer Shore Leeds & Zauderer 律师事务所在诉讼中代理原告;世达国际律师事务所、McDermott Will & Emery和宝维斯律师事务所则为人人网法律顾问。

2011年,彼时拥有超1亿用户、曾有“中国脸书”之称的人人网在纽交所上市。然而随后人人网用户于2013年下降至4500万,利润也经历下滑。根据路透社报道,“与其将投资者的钱沉入一家摇摇欲坠的公司,他们(管理者)到处投资,尤其投资于初创企业,其中最大一笔2.5亿美元投资流向了P2P借贷平台Social Finance”。

2019年,中小股东在美国提起诉讼,认为人人网的一系列剥离行为构成欺诈,致使股东遭受了数亿美元损失。

据悉,该协议仍待纽约最高法院最终通过。

 

Several law firms represent Renren and shareholders in $300 mln derivative deal

Chinese social media platform Renren Inc. and its shareholders have reached at least $300 million agreement to resolve their claims, making it one of the biggest cash settlements in the history of U.S. shareholder derivative litigation.

Reid Collins & Tsai, Grant & Eisenhofer, Gardy & Notis and Ganfer Shore Leeds & Zauderer acted as the plaintiffs' lawyers, and Skadden, Arps, Slate, Meagher & Flom, McDermott Will & Emery and Paul, Weiss, Rifkind, Wharton & Garrison were defense lawyers.

According to Reuters, the case stemmed from Renren’s 2011 IPO on the New York Stock Exchange. At the time, Renren has more than 100 million users and was known as the “Facebook of China.” Its user engagement promptly plunged to 45 million in 2013. So did profits. Renren’s controlling shareholders then bought stakes elsewhere, mostly in startups. Their biggest bet was a nearly $250 million investment in the peer-to-peer lending platform Social Finance.

The plaintiffs sued the controlling shareholders in 2019 of complex fraud, executed through a web of spinoffs, to siphon hundreds of millions of dollars away from minority shareholders.

The proposed settlement must still be approved by New York State Supreme Court Justice Andrew Borrok of Manhattan.

 

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