Renren Inc under Shareholder Investigation Over Possible Violations Of Securities Laws

If you purchased shares of Renren (NYSE: RENN), and / or if you have any information relating the investigation including those who are former employees or/and whistleblowers, you may have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Renren
Affected Securities: 
NYSE: RENN

San Diego, Oct. 04, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of Renren Inc (NYSE: RENN) over possible Violations of Federal Securities Laws was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Renren Inc (RENN) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements regarding Renren’s business, its prospects and its operations were potentially materially false and misleading at the time they were made.

The investigation follows media reports that said the U.S. Department of Justice (“DOJ”) is assisting a U.S. Securities and Exchange Commission (“SEC”) probe of possible “accounting irregularities” among unnamed U.S.-listed Chinese firms. The investigation by a law firm for investors focuses several Chinese internet companies, including but not limited to Renren Inc.

Renren Inc reported a significant increase in its annual Revenue while its Net Income substantially fell over the same time frame. Renren Inc reported that its 12months Total Revenue rose from $13.78million in 2008 to $76.53million in 2010, while its Net Income over the same time frame fell from $51.89million in ’08 to a Net loss of $68.27million in 09, respectively a Net loss of $61.20million in 2010.

Shares of Renren Inc (Public, NYSE:RENN) fell since its IPO in May 2011 from $14 per share to as low as $4.79 per share on October 3, 2011.