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Gardy & Notis, LLP achieves a historic $300 million cash settlement in Renren, Inc. derivative litigation
October 08, 2021
Gardy & Notis, LLP is a court appointed co-lead counsel for investors suing certain current and former directors and other insiders of Renren, Inc. for transferring Renren's investment portfolio to an entity controlled by Renren's CEO at a severely undervalued price.

After three years of litigation and two successful appeals, Gardy & Notis, LLP achieved a settlement that includes a $300 million cash recovery for public stockholders plus substantial changes to improve Renren's corporate governance.

The $300 million recovery is believed to be the largest cash settlement of any direct pay derivative case, where the payments will be made directly to public stockholders. While derivative cases generally seek to recover damages incurred by the company itself, structuring the settlement as a direct payment means that the cash recovery on behalf of the company would be shared solely by public stockholders and not the individuals alleged to have committed the underlying wrongdoing who continue to own shares in the company.

The case is In re Renren, Inc. Derivative Litigation, Index No. 653594/2018, in the Supreme Court of the State of New York, New York County, Commercial Division.

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