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Shares of company once pegged as the ‘Facebook of China’ jumped 45% after settlement of shareholder lawsuit.
Giving shareholders something to be excited about has not been a forte of Renren Inc. (
Renren In Search Of Identity As Its Stock Surges On Lawsuit Settlement
Summary
- A 45% surge in shares of Renren, once pegged as the ‘Facebook of China,’ earlier this month was fueled by settlement of a shareholder lawsuit.
- Despite a $600 million market value after the jump, company is still in search of a long-term business model.
- In trying to stay alive and thrive during the years when its networking platform was in decline, Chairman Chen Yizhou steered Renren in a new direction by buying stakes in startups that had little to do with the social media.
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