IPOE - Renren gains after appellate court affirms lower court ruling suit will go on

March, 18 2021 10:00 AM Social Capital Hedosophia Holdings Corp. V Class A

Renren (RENN) rose 3% after an appellate court affirmed a lower court's decision to not dismiss a lawsuit against the company.Recall on Feb. 19 Seeking Alpha Marketplace author Ian Bezek called RenRen a cheap holding company with incredible SoFi optionality (IPOE) in light of new legal developments.Bezek highlighted in his post last month that Renren spun off a portfolio of holdings, including a highly valuable stake in SoFi, in 2018 in an oddly-structured deal.A group of shareholders, including famed activists Oasis, sued Renren to recover a stake claiming "gross foul play" in that transaction.A New York Supreme Court justice sided with shareholders and denied the defendants' efforts to dismiss the lawsuit.Developing story:

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Renren gains after appellate court affirms lower court ruling, suit will go on

Company Name:	Social Capital Hedosophia Holdings Corp. V Class A
Stock Symbol:	IPOE
Market:	NYSE
Website:	sofi.com/

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