NEW YORK TIMES COVERS REID COLLINS APPELLATE WIN IN $500 MILLION RENREN DERIVATIVE LITIGATION
In its DealBook column entitled “Who owns SoFi?” on March 22, 2021, The New York Times provided analysis and reporting on a major win for the shareholder plaintiffs in In re Renren, Inc. Derivative Litigation, a lawsuit alleging a complex scheme by Renren insiders to squeeze out minority shareholders and take the company’s billion-dollar investment portfolio for themselves. (On March 18, 2021, the Appellate Division, First Judicial Department of New York State Court affirmed the trial court’s denial of all the motions to dismiss and rejected defendants’ arguments.)
According to DealBook, “the plaintiffs accuse insiders of stripping Renren of its value.” The Plaintiffs lead attorney, Bill Reid of Reid Collins, told DealBook that “executives took the company’s billion-dollar investment portfolio in a complex arrangement that ‘split up the spoils,’ alleging that SoFi and SoftBank helped unfairly get the best of Renren.”
“In short, this is a dispute between SoFi’s shareholders over who owns SoFi,” Mr. Reid said
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