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Reid Collins Defeats Motions to Dismiss in In re Renren, Inc. Derivative Litigation Involving Billion Dollar Sham “Spin-Off”

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Reid Collins & Tsai LLP, a leading national trial law firm, announced today that it has defeated five motions to dismiss filed by defendants in a suit involving an alleged scheme by Renren insiders to squeeze out minority shareholders and take the companys billion-dollar investment portfolio for themselves. The New York Supreme Court for New York County today entered a 71-page order denying all of the motions filed by insiders and others involved in the transaction.

The defendants – Joseph Chen, David Chao and related DCM Investments funds, Oak Pacific Interactive (OPI), and Duff & Phelps, LLC – had moved to dismiss, asserting lack of personal jurisdiction and that Reid Collins clients, including Renren shareholders Heng Ren Silk Road Investments LLC and Oasis Investments II Master Fund Ltd., lacked derivative standing under Cayman law to pursue the claims.

We are pleased that the New York State Supreme Court rejected the defendants attempts to dismiss the case so we can proceed in securing justice for our clients, said William T. Reid, IV, lead litigator and co-founder of Reid Collins.

The suit arises out of Mr. Chens and Mr. Chaos alleged scheme to take Renrens billion-dollar investment portfolio for themselves and their associates through a sham transaction in which Renrens investment portfolio was transferred to an entity (OPI) that was then divested from Renren. Unlike a normal spin-off, Renrens minority shareholders did not receive shares of OPI, but instead received an artificially low cash dividend based on a deflated value for OPI and its assets, including a $560+ million interest in renowned fintech company Social Finance, Inc. The valuation on which the cash dividend was based undervalued the investment portfolio by hundreds of millions of dollars. Renren had originally obtained the investment portfolio at issue with the proceeds of its initial public offering of American depository shares on the New York Stock Exchange.

In a meticulously detailed opinion, Justice Andrew Borrok rejected the defendants arguments that New York courts could not exercise specific personal jurisdiction, noting: Nearly every aspect of the IPO and the Transaction are connected to New York. And, Renrens New York-based contacts were not merely incidental to listing its ADS on the NYSE; they related to a deliberate decision to structure the disposition of assets from Renren pursuant to the Transaction, which necessarily involved New York. Justice Borrok further observed the Amended Complaint in this case draws a straight line from the IPO and the investments made from the proceeds thereof to the Transaction and the ultimate divesture of those investments in the Separation.

Justice Borrok similarly rejected the defendants arguments that the claims at issue did not give rise to derivative standing under Cayman laws fraud on the minority exception. In doing so, Justice Borrok noted: The allegations of deliberate and dishonest breaches of duty of the Director Defendants and DCM Defendants leap off the pages of the Amended Complaint.

About Reid Collins & Tsai LLP

Reid Collins & Tsai LLP is a national trial law firm that practices complex litigation nationally and internationally. With offices strategically located in New York, Washington D.C., Austin, Dallas, and Los Angeles, its trial attorneys include a team of former federal prosecutors, judicial law clerks, and forensic accountants who maximize recoveries and resolve complicated disputes for clients in and out of the courtroom. Its practice spans a wide range of complex commercial litigation, including financial fraud matters, Ponzi scheme-related cases, cross-border disputes, and professional-liability matters. The firm represents trustees, receivers, liquidators, foreign governments, international banks, individuals, and companies from the U.S. and abroad in federal and state courts across the country. For more information visit www.reidcollins.com

Amanda Lornson: 512.647.6117

[email protected]

Reid Collins & Tsai LLP

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Huawei Releases Banking Resilience Index for 2020 and Beyond

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Measuring the Banking Industry’s Rises to the New Normal

SHANGHAI, Sept. 27, 2020 /PRNewswire/ — At HUAWEI CONNECT 2020, International Data Corporation (IDC), the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications and consumer technology markets, along with Huawei, have released a major White Paper titled "Banking Industry Rises up to the New Normal".  In this paper, IDC and Huawei survey the impact that Covid-19 has had on the banking industry and outlines steps that should be taken by banks to ensure their future success.  As part of this report, IDC and Huawei has developed a Banking Resilience Index, which quantifies the current status of banking by region in terms of six key measures.  This Index shows major regional differences and can be used by banks to assess their own Resilience and provides guidance for where to focus for future success.

At HUAWEI CONNECT 2020, Huawei and its partners are showing the wide range of FSI solutions, including Financial Cloud, smart branches, digital CORE and intelligent data platforms.  These solutions allow banks to reduce costs, increase agility to the rapidly changing FSI environment, attract and retain customers and position themselves against emerging competitors.  The recent disruptions to everyday life have moved the focus of financial services to Mobile and Huawei has been a leader in supporting the move to mobile interactions globally, based on the early experiences in China.  The insights we are sharing are allowing financial customers globally to respond and support customers in these trying times.

These experiences led Huawei to work with IDC on this report.  Some of the major findings in the report concern the financial impact of the pandemic on bank’s balance sheets, the exponential increase in digital payments from mobile devices and the dramatic shift in the role of branches in banking services.  In looking to the future, IDC finds that efforts should concentrate on:

Channel Upgrades – moving to a completely digital customer journey,
Communication Rethink – changing how services are delivered to customers,
Infrastructure Overhaul – building on hybrid cloud and microservices,
Data and Analytics Redefinition – building robust data lake and AI capabilities,
Workflow Reimagining – moving beyond paper and PCs to mobile workflows, and
Platform Transformation – incorporating emerging technologies such as 5G, AI and IoT, etc.

Taken together, the Banking Resilience Index and the focus areas, provide guidance for banks as they deal with the continuing challenges of "The New Normal".

Huawei will continue to expand its engagement with the world’s leading financial organizations and the insights provided by this report will provide a solid foundation for that work.

To download the white paper, please click the link: https://e.huawei.com/en/solutions/industries/smart-finance/banking-industry-rises-up-to-the-new-normal

HUAWEI CONNECT 2020 is an annual flagship event hosted by Huawei for the global ICT industry, and is being held in Shanghai from September 23 to 26, 2020. For more information, please visit:
https://www.huawei.com/en/events/huaweiconnect2020/

Related Links :

http://www.huawei.com/cn

http://www.huawei.com

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FIRSTENERGY 48 HOUR DEADLINE ALERT: ClaimsFiler Reminds Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuit Against FirstEnergy Corp. – FE

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ClaimsFiler, a FREE shareholder information service, reminds investors that they have only until September 28, 2020 to file lead plaintiff applications in a securities class action lawsuit against FirstEnergy Corp. (NYSE: FE), if they purchased the Companys shares between February 21, 2017 and July 21, 2020, inclusive (the Class Period). This action is pending in the United States District Court for the Southern District of Ohio.

Get Help

FirstEnergy investors should visit us at https://www.claimsfiler.com/cases/view-firstenergy-corp-securities-litigation or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

FirstEnergy and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On July 21, 2020, federal law enforcement officials announced the arrest of Ohio House Speaker Larry Householder and others in connection with a $60 million racketeering and bribery scheme designed to ensure the passage of legislation that included a billion-dollar bailout of two failing nuclear power plants owned by the Companys former subsidiary and operated by the Company. Further, the Company disclosed the same day that it had received subpoenas in connection with the investigation, which is ongoing.

On this news, the price of FirstEnergys shares plummeted.

The case is Owens v. FirstEnergy Corp., No. 20-cv-3785.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

ClaimsFiler

Lewis Kahn, 844-367-9658

https://www.claimsfiler.com

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Vancouver Eyewear Company KITS Partners With Professional Tennis Player and Kits Beach Athlete, Vasek Pospisil

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KITS, Canadas fastest growing eyecare brand, announced today its partnership with Kitsilano-based tennis star Vasek Pospisil. The partnership marks the companys dedication to supporting Canadian athletes.

Inspired by the athletes history, where growing up he trained on the courts at Kits Beach Tennis Club, and the important connection between tennis and eye health, this partnership is the beginning of the companys commitment to supporting Canadian athletes. As part of the partnership, KITS is supporting Vaseks journey as he builds on his 4th round finish at the US Open and competes in the upcoming French Open and beyond.

To play at the top of your game, you need hard work, a strong purpose, and a great team, said Vasek Pospisil of the partnership with KITS. Im excited to partner with the KITS team, who are fueled by the purpose of building a better eyecare experience for customers in Canada and beyond. When I need to see the ball better, I go to KITS. We also both share a love of Kitsilano, and love the energy, style and community that comes together there.

Vasek Pospisils career success saw him win the Wimbledon Doubles Championship in 2014, and more recently progress to the 4th round at the US Open in early September 2020. He is now preparing to compete in the French Open from September to October 2020. Pospisil hails from Vancouvers iconic Kitsilano neighborhood, marking a special connection to the eyewear brand inspired by the same name.

KITS is currently the only online vision company to support a Canadian athlete. Following Pospisils success in the US Open and performance in the French Open, the KITS partnership is a true celebration of the homegrown talent and the sport of tennis.

Were so proud to partner with such a talented athlete from our very own Kitsilano neighbourhood, said Roger Hardy, co-founder and CEO of KITS. Tennis is a sport that is all about the eyes and the importance healthy eyes play into overall health and wellbeing. This partnership is a great representation of the beauty of Kitsilano, where the snowcapped mountains meet the ocean.

Pospisil can be spotted in a KITS-branded jersey for the remainder of the season, including in the French Open as a display of his hometown pride. For more information, visit KITS.com.

About KITS

KITS is the future of eyecare. KITS is revolutionizing the eyecare category by offering virtual try-ons and a variety of styles that complement any look. KITS is headquartered in Vancouver, BC with its manufacturing facility located in Richmond, BC. This local approach enables the company to manufacture and ship glasses quickly, often delivering within 1-2 days, at an affordable price while growing the local economy through rapid job creation. For more information on KITS, visit www.kits.com, and follow along on Instagram and Facebook using the hashtag #ItsKITS.

Kelsi Tsatouhas

Public Relations Manager

+1 (604) 786-2273

[email protected]

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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