Posted on 16609
Reid Collins, a national plaintiff’s trial firm announced today that it has filed an Amended and Supplemental Complaint in the
Renren Derivative Action pending in New York State Supreme Court adding new defendants Softbank Group Capital Limited (“Softbank GCL”) (SFTBY) and Social Finance, Inc. (“SoFi”) (IPOE) as well as additional claims.
The shareholder derivative suit arises from the alleged misappropriation of a billion-dollar investment portfolio from Renren, Inc. (“Renren”)(RENN) through a sham “spin-off” involving a series of highly unusual transactions. The complaint asserts claims for, among other things, breaches of fiduciary duty in connection with the transfer of Renren’s most valuable assets, including a substantial stake in SoFi, to a private company, Oak Pacific Investments (“OPI”) owned and controlled by Renren’s CEO Joseph Chen and affiliates of SoftBank GCL, a