Renren, the once high-flying Chinese social network turned start-up investor, has settled with US shareholders for $300m over allegations of corporate misconduct.
Dissident investors had accused the company of steering its best assets, including a stake worth hundreds of millions of dollars in the digital lender SoFi, towards Renren insiders including SoftBank.
The settlement marks a rare victory in which shareholders of a US-listed, China-based company that had incorporated in the Cayman Islands were able to win compensation over corporate misconduct allegations.
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