Cases

Renren

G&E achieved a historic $300 million settlement of a complex cross jurisdictional derivative action brought in state court in New York on behalf of Renren, Inc., a Cayman Islands incorporated social media company headquartered in China. G&E challenged a highly unusual transaction in which Renren spun off the company’s valuable investment portfolio to a private entity controlled by Renren insiders in exchange for patently inadequate consideration.

G&E, along with co-counsel, pursued claims against Renren’s controlling stockholders, as well as the financial advisors and others who assisted in accomplishing the transactions, under New York and Cayman Islands law. Plaintiffs successfully cleared substantial jurisdictional and substantive legal hurdles in prosecuting the claims. Adopting a settlement feature G&E pioneered, the settlement provides a direct dividend payment to Renren’s minority stockholders.  Approval of this settlement is pending.

Company
Renren, Inc.
Case Name
In re Renren, Inc. Derivative Litigation
Recovery Amount
$300 Million
Court
New York Supreme Court

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