The cryptocurrency miner has struck a deal with investors to exercise warrants. A company operating what analysts said was a pump and dump cryptocurrency mining scheme settled a securities class action brought on behalf of investors for $5 million. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Federal Securities Act, including but not limited to our expectations of future financial performance, business strategy or business. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. There are 1 older and no younger executives at SOS. Morningstar: 2019 Morningstar, Inc. All Rights Reserved. . Currently, Yan serves as Vice President of SOS Information Technology Co., Ltd., the Company's operating subsidiary through which the . Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Federal Securities Act, including but not limited to our expectations of future financial performance, business strategy or business. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. is a high-technology company providing a wide range of services to its corporate and individual members . Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. At that time it claimed to rebrand itself as an emergency services business, but less than a year later, it again shifted its focus, this time to cryptocurrency mining, the suit claimed. Mr. Yandai Wang is an Executive Chairman & Chief Executive Officer at SOS Ltd. and a Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. It focuses on the research and development. Copyright FactSet Research Systems Inc. All rights reserved. The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. Phase II involves the construction of a cryptocurrency mining center and will add 12MW, which should provide for up to 6,000 additional super-computing servers and is expected to be completed sometime this summer. SOS Limited (Translation of registrant's name into English) Building 6, East Seaview Park, 298 Haijing Road, Yinzhu Street West Coast New District, Qingdao City, Shandong Province 266400 People's Republic of China +86-532-86617117 (Address of principal executive office) Indicate by check mark whether the registrant files Forward looking statements may be identified by words such as "may", "can", "should", "will", "estimate", "plan", "project", "forecast", "intend", "expect", "predict", "believe", "seek", "target", "Outlook" or similar words. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Access this case on the New Jersey District Court's Electronic Court Filings (ECF) System. SOS Limited, described as a Cayman Islands-domiciled, China-based "technology company that purportedly provides marketing data, technology, and solutions for emergency rescue services" whose securities are listed on the New York Stock Exchange; Yandai Wang, and Eric H. Yan at the U. S. District Court for the District of New Jersey. Mr Wang is 43, he's been the Exec. sos SOSAI+++ SOS Ltd., based in China, agreed to a $5 million settlement of a securities class action claiming that it misled investors about a cryptocurrency mining operation. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Class Action Complaint alleging fraud in Kimberly Beltran v. SOS Limited, described as a Cayman Islands-domiciled, China-based technology company that purportedly provides marketing data, technology, and solutions for emergency rescue services whose securities are listed on the New York Stock Exchange; Yandai Wang, and Eric H. Yan at the U. S. District Court for the District of New Jersey. These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. QINGDAO, China, Dec. 21, 2020 -- SOS Limited (NYSE: SOS) (the "Company" or "SOS" ), a high-tech company providing a wide range of data mining and marketing analysis services to its corporate and individual members in China announced today its preliminary estimates of certain financial results for its full fiscal year of 2020 ending December 31, Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. Simply Wall Street Pty Ltd (ACN . SOS executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Cision Distribution 888-776-0942 We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Last updated: 1 January 2023 at 11:00am EST. A Warner Bros. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. It focuses on the research and development of big data, cloud computing, Internet of Things, block chain and artificial intelligence. . Mr. Yandai Wang, CEO and Chairman of SOS, commented, "the initial launch of our mobile smart data hosting center solidifies our ongoing strategic transformation and our continued investment. Chairman & CEO of SOS since . SOS may not realize its expectations, and its beliefs may not prove correct. SOS LimitedSOS . SOS Limited is based Qingdao, the People's Republic of China. Customer Service| Mr. Yandai Wang, CEO and Chairman of SOS, commented, the initial launch of our mobile smart data hosting center solidifies our ongoing strategic transformation and our continued investment in, SOS is an emerging marketing solution provider based on blockchain and big data drive. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? But Pascal wrote that the$5 million settlement was reasonable for several reasons. Candidates should Duane Morris LLP has an opening for Litigation Associate with 2-3 years of experience to join its Trial Practice Group in Houston. Change value during other periods is calculated as the difference between the last trade and the most recent settle. AIT 1132021. The products are divided into three categories: basic cloud, cooperative cloud and information cloud. Based on our data team's research, Yandai Wang is the The SOS Group's CEO. Mr Wang is 43, he's been the Exec. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Source: Kantar Media, Executive Chairman & Chief Executive Officer. SOS warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. from 8 AM - 9 PM ET. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. The fall was precipitated by a report from securities analysts Hindenburg Research and Culper Research that stated that SOS was an intricate, pump and dump scheme that usedfake addresses, undisclosed related entities, and doctored photos of cryptocurrency mining rigs to create an illusion of success.. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 3 patents. Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. . Mr. Yandai Wang, chief executive officer and chairman of the Board of Directors (the ? The companys purported transition to cryptocurrency mining was dependent on an alleged deal it claimed to have entered with HY International Group,which calls itself the worlds largest mining machine matchmaker, to acquire 15,645 mining rigsi.e., personal computing machines built specifically for cryptocurrency miningfor $20 million, and the companys plans to purchase FXK Technology Corp., a purported Canadian cryptocurrency technology firm, the suit said. No potential class members objected to the settlement terms, even after more than 125,000 notices of the settlement terms were sent out by various means. By using our website or by closing this message box, you agree to our use of browser capability checks, and to our use of cookies as described in our Cookie Policy. When typing in this field, a list of search results will appear and be automatically updated as you type. All rights reserved. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. Please refer to the Attorney Case Opening Guide for processing electronically filed cases. SOS Chairman Yandai Wang commented, "we have secured supply of crypto mining equipment that is expected to generate sufficient crypto hash power to allow us to promptly capture the rising crypto price." $SOS actually purchased 15645 Mining Rigs. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties; SOS' estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities market acceptance of our products; the ultimate impact of the current Coronavirus pandemic, or any other health epidemic, on our business, our research programs, healthcare systems or the global economy as a whole; our intellectual property; our reliance on third party organizations; our anticipated financial and operating results, including anticipated sources of revenues; our assumptions regarding the size of the available market, benefits of our product offering, product pricing, timing of product launches; management's expectation with respect to future acquisitions; statements regarding our goals, intentions, plans and expectations, including the introduction of new products and markets; and our cash needs and financing plans. Cryptocurrency miningis the process of using sophisticated computer hardware to solve complex calculations, which results in the creation of new cryptocurrency tokens, the suit said. Yandai Wang, Sos Ltd: Profile and Biography - Bloomberg Markets Subscribe Live Now Bloomberg TV+ Bloomberg Surveillance Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry. SOS Ltd. . It has about 20 million members in China. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Defendant Yandai Wang ("Wang") has served as SOS's Executive Chairman and Chief Executive Officer at all relevant times. 7 17. Chairman & CEO at SOS. The defendants are located in China, and enforcing a judgment in China is very, very difficult, the magistrate wrote. Yandai Wang is the Exec. Most stock quote data provided by BATS. View original content:https://www.prnewswire.com/news-releases/sos-ltd-announces-launch-of--hosting-business-in-north-america-301543752.html, https://www.prnewswire.com/news-releases/sos-ltd-announces-launch-of--hosting-business-in-north-america-301543752.html. Are subject to many assumptions, risks and uncertainties that will change over time cooperative cloud and information as happens... Laterals to Mergers, How Can firms Staff for Success as it happens to join Trial! Staff for Success is the best-case scenario for recovery ofdamages by the class on the New Jersey District Court Electronic. 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