Renren has replaced the head of its audit committee on the eve of its initial public offering on the New York Stock Exchange, as the Chinese social network ing group seeks to protect itself from the fall-out of an accounting controversy at another company.
Derek Palaschuk, chief financial officer of Longtop, a Chinese Nasdaq-listed specialist software company, no longer heads Renren’s audit committee and is also no longer an independent director appointee, according to an amendment to Renren’s prospectus filed to the US Securities and Exchange Commission on Monday.
The step follows an accounting controversy at Longtop which sent the firm’s shares plummeting last week. Mr Palaschuk said he resigned on April 30 to “protect Renren”.
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