Renren Investor Suit Persists As NY Judge OKs Jurisdiction

Law360 (May 21, 2020, 10:07 PM EDT) -- A derivative shareholder suit involving Chinese social media company Renren Inc., certain company executives and their financial adviser that claims shareholders were cheated out of $500 million can move forward in New York state court after a judge ruled that the court can assert jurisdiction over defendants.

In a decision published Wednesday, New York Supreme Court Justice Andrew Borrok found that it was appropriate for minority Renren shareholders to bring claims of breach of fiduciary duty in New York state against nominal defendant Renren, a Cayman Islands company based in China; CEO Joseph Chen and controlling shareholder David Chao; and investment...

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