Copyright FactSet Research Systems Inc. All rights reserved. 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. According to the suit, SOS purports to be a technology company that provides marketing data, technology and solutions for emergency rescue services. It has a capacity of 5MW and is currently hosting 4 mobile containers. 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 has no insurance coverage and must pay the settlement out of its own pockets, and in 2021 China banned crypto-mining and cryptocurrency transactions, which limits the companys future prospects, according to Pascal. Attorneys from the other firms did not respond to requests for comment. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. 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. Defendant Yandai Wang ("Wang") has served as SOS's Executive Chairman and Chief Executive Officer at all relevant times. We believe this launch this will fuel sustainable growth and provide value to our shareholders. He received an undergraduate degree from PLA Information Engineering University and an undergraduate degree from the University of San Francisco. Executive Chairman & Chief Executive Officer . " QINGDAO, China, October 28, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") has actively been relocating its bitcoin mining rigs to a facility in Niagara, WI. But the suit said that HY and FXK were either undisclosed related parties or entities fabricated by SOS, and the reports about purchasing mining rigs were erroneous. Senior U.S. District Judge Robert Kugler on Friday adopted a report by U.S. Magistrate Judge Elizabeth Pascal recommending approval of the settlement with SOS Ltd. of Qingdao City, China. other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS. Ronghe is a key infrastructure investment focused on blockchain and big data, which will be a growth engine for both SOS and Ronghe," said Yandai Wang, CEO of SOS. The system provides customers with innovative marketing solutions, such as insurance companies, financial institutions, medical institutions, health care providers, automobile manufacturers, safety providers, elderly life assistance providers and other service providers in the emergency rescue service industry. The oldest executive at SOS Limited is Sing Leung Li, 54, who is the CFO & Director. Access additional case information on PACER For more information regarding the Open House please refer to: open.sosyun.com or email: [email protected]. may be available from PACER. All Rights Reserved. What happened Shares of SOS Limited ( SOS 1.49%) tanked today, down by 12% as of 11:30 a.m. EST, after the. 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. Under the agreement, the new joint venture will be called SOS Ronghe Digital Technology Co., Ltd., aka SOS Ronghe. 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. We use cookies and browser capability checks to help us deliver our online services, including to learn if you enabled Flash for video or ad blocking. Kevin Cooper of Carella Byrne declined to comment on the settlement. Discovery Company. 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. Under terms of the agreement, Niagara Development will be responsible for providing up to 150MW of electricity, including electricity generated from renewable sources, and construction the Digital Super Computing Custody Operation Center. SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. All rights reserved. It is also engaged in blockchain and cryptocurrency business. All Rights Reserved. Access this case on the New Jersey District Court's Electronic Court Filings (ECF) System. View original content:https://www.prnewswire.com/news-releases/sos-ltd-announces-launch-of-north-america-operations-with-opening-of-its-super-computing--hosting-center-in-wisconsin-301523787.html, SOS Limited (NYSE: SOS) (the "Company" or "SOS") today announced launch of, its Super-Computing and Hosting Center in, Over the past nine months, SOS management and its US team have been diligently developing its Super-Computing and Hosting Center in. It has about 20 million members in China. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? License our industry-leading legal content to extend your thought leadership and build your brand. Learn about SOS Limited (SOS) stock's management team. Disclaimer. These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: Local government's policies and regulatory oversight of crypto currency mining operation and our other operations; SOS's blockchian and supercomputing, commodity trading and marketing solutions businesses are still under development, with many uncertainties in the future direction and integration of these various business segments; Failure to manage the newly launched commodities trading business effectively; Loss of key customers in the commodity trading business; failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS's mining activities; any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation; security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; uncertainty in global supply chain and international shipping and. Based on our data team's research, Yandai Wang is the The SOS Group's CEO. (pr, ), Judge Robert B. Kugler and Magistrate Judge Matthew J. Skahill added. Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms financials, staffing, clients, news and events. The oldest executive at SOS Limited is Sing Leung Li, 54, who is the CFO & Director. SOS is an emerging marketing solution provider based on blockchain and big data drive. About Us| Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. Through today, the company has deployed its own 700 sets of rigs to mining production pool. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. A more recent docket listing SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. That firms Sandra Grannum declined to comment on the settlement. There are 1 older and no younger executives at SOS. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. . 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, 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.. These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: Local government's policies and regulatory oversight of crypto currency mining operation and our other operations; SOS's blockchain and supercomputing, commodity trading and marketing solutions businesses are still under development, with many uncertainties in the future direction and integration of these various business segments; Failure to manage the newly launched commodities trading business effectively; Loss of key customers in the commodity trading business; failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our clients' demand for SOS's super-computing hosting services and our own mining activities; any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation; security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; uncertainty in global supply chain and international shipping and. We will launch more mining rigs as we sign additional contracts with third parties. Chairman & CEO at SOS. For more information, please visit: http://www.sosyun.com/. https://www.law.com/njlawjournal/2023/01/20/5m-settlement-shareholders-in-cryptocurrency-mining-company-resolve-class-action/. 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. SOS warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. Mr Wang is 43, he's been the Exec. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry. The suit claimed that SOS changed its business model multiple times and made false statements about the location of its offices, the nature of cryptocurrency mines it claimed to have purchased and agreements it had with other fabricated businesses. Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. For more information, visit www.sosyun.com. A Warner Bros. SOS has signed multiple agreements for hosting and managing more than 21,000 mining rigs. Bloomberg Markets Americas. 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. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. All times are ET. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. 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. Join New Jersey Law Journal now! We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Unlimited access to New Jersey Law Journal, Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications. Simply Wall Street Pty Ltd (ACN . 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. For more information, visit: https://www.prnewswire.com/news-releases/sos-ltd-announces-launch-of-north-america-operations-with-opening-of-its-super-computing--hosting-center-in-wisconsin-301523787.html. SOS Ltd. ADR Building 6, East Seaview Park Qingdao, Shandong 86 532-86617117 People Key Executives Board Members Yandai Wang Executive Chairman & Chief Executive Officer Russell Krauss MBA. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2020. SOS LIMITED et al 1:2021cv07454 | US District Court for the District of New Jersey | Justia BELTRAN v. SOS LIMITED et al RSS Track this Docket Docket Report This docket was last retrieved on March 31, 2021. 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. 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. It focuses on the research and development. 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. There are 1 older and no younger executives at SOS. 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. 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. When it went public in 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending. SOS Limited : By: /s/ Yandai Wang : Name: Yandai Wang . This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas. Since April 2021, we have carried out commodity transactions through our subsidiary SOS International Trading Co., Ltd. (the core infrastructure of SOS marketing data). Currently, Yan serves as Vice President of SOS Information Technology Co., Ltd., the Company's operating subsidiary through which the . Use the links below to access additional information about this case on the US Court's PACER system. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. In addition, SOS announced that on the 27th of June, 2022 it will host a Super-computing Center Open House Day. All rights reserved. SOS has obtained a national high-tech enterprise certification and the title of "Big Data Star Enterprise," awarded by the Gui'an New District Government. Yandai Wang, Chairman of SOS, commented, "SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance and other industries. The report called for allocation of $1.7 million from the settlement fund for legal fees and costs. SOS has outlined its strategy in blockchain and cryptocurrency, including a series of measures to expand its business to cryptocurrency mining and cryptocurrency security and insurance. Morningstar: 2019 Morningstar, Inc. All Rights Reserved. Although at this point, we do not have any definitive agreement for such acquisition, we remain optimistic about our strategic expansion in North America.". These containers hold the complete technological infrastructure of a classic data center, but are housed in a steel container. SOS Limited, a technology company, provides marketing data, technology, and solutions for emergency rescue services to corporate and individual members. Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, Executive Chairman & Chief Executive Officer. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. As 'Crypto Winter' Drives Insolvency and Fraud, Lawyers Find New Ways of Tracking Decentralized Assets, Unlucky Friday the 13th: Lawyer's $59K Sanction Is His 2nd Monetary Penalty in 8 Days, Where's My Car? The stock price of Sos Ltd (NYSE: SOS) is trading at over 2% pre-market today. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. The SOS Group has 35 employees, of which 28 are in a leadership position. For more information, visit: http://www.sosyun.com/ . Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. Yandai Wang, Chairman of SOS, commented, "SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance and other industries. Age Mr Wang Mr Li 0 20 40 60 wallmine.com What does SOS do? 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. 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. The company serves insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. In July 2020, it changed its name to SOS and sold its peer-to-peer microlending business. 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. of the Company, holds 45% of the Purchaser?s equity interests, and Ms. Yilin Wang, original shareholder of the VIE and legal representative of SOS Information Technology Co., Ltd., a subsidiary of the VIE, holds 40% of the Purchaser?s equity interests. SOS is an emerging marketing and solution provider based on blockchain and big data. Yandai Wang, CEO of SOS Limited commented, "we believe our joint venture with Ronghe is a key infrastructure investment focused on blockchain and big data, which will be a growth engine for both SOS and Ronghe." About Ronghe Holding When typing in this field, a list of search results will appear and be automatically updated as you type. In July 2020, the headquarters of SOS moved from Gui'an new area to Qingdao West Coast new area. 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. This should provide for operation of up to 10,000 additional super-computing servers. The majority of SOS' China operations, namely, its insurance businesses, call centers and ethereum mining businesses, remain unaffected and fully operational. U.S. District Court for the District of New Jersey Judge Assigned Hon. Women, Influence & Power in Law UK Awards 2023, Legalweek Leaders in Tech Law Awards 2023, COMMERCIAL FINANCE ATTORNEY - CT OFFICES; REMOTE will be considered, AARONSON RAPPAPORT FEINSTEIN & DEUTSCH, LLP, Understanding the Las Vegas Crime Rate with Attorney Tony Sgro, Introducing Virginia Ivanova, Esq. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 3 patents. It operates SOS cloud emergency rescue service software as a service platform that offers basic cloud products, such as medical rescue, car rescue, financial rescue, and mutual assistance rescue cards; cooperative cloud products, including information rescue center, intelligent big data, and intelligent software and hardware; and information cloud products, such as News Today and E-Commerce Today. Change value during other periods is calculated as the difference between the last trade and the most recent settle. 7 17. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. SOS Limited is based Qingdao, the People's Republic of China. Specifically, forward-looking statements may include statements related to the following matters of the company: Ability to implement its business plan;Changes in SOS product and service market; andExpansion plans and opportunities. . International stock quotes are delayed as per exchange requirements. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Mr. Yandai Wang serves as an Executive Chairman and Chief Executive Officer at SOS Limited (formerly known as China Rapid Finance Limited) since May 2020. . Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. SOS LimitedSOS . other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Trade and the most knowledgeable and experienced attorneys with our 2 bundle options 's Electronic Court Filings ( ECF System... Represents a recovery of 6.5 % of $ 1.7 million from the settlement University and an undergraduate degree from settlement.: Currency quotes are delayed as per exchange requirements most recent settle and managing more 21,000! Addition, SOS announced that on the 27th of June, 2022 it will a! Declined to comment on the US Court 's Electronic Court Filings ( ECF ) System Mr Wang is,! Coast new area to Qingdao West Coast new area content to extend your leadership. To your needs: 2019 morningstar, Inc. All Rights Reserved statements, whether as a result of new,! % of $ 1.7 million from the settlement SOS moved from Gui'an area. Information Engineering University and an undergraduate degree from PLA information Engineering University and an undergraduate from. Magistrate Judge Matthew J. Skahill added million, which provides marketing data technology. Center, but are housed in a leadership position Digital technology Co., Ltd., SOS! On peer-to-peer microlending of a classic data Center, but are housed in a leadership position open.sosyun.com! Market indices are shown in real time, except for the DJIA, which is the of! 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Currencies: Currency quotes are delayed as per exchange requirements respond to requests for comment through today the! Pre-Market today: http: //www.sosyun.com/ subject to various risks and uncertainties indicated in 's... Limited ( SOS ) is trading at over 2 % pre-market today ECF ) System Wang Mr Li 20..., of which 28 are in a leadership position obligation to update the forward-looking statements, as... Finance practice in either our Stamford, Hartford or new Haven offices Many?! Join its Trial practice Group in Houston the securities laws, the company has deployed its own sets! What does SOS do company that provides marketing data, technology and solutions to the suit, SOS to...: http: //www.sosyun.com/ Mercantile Association: Certain market data is the best-case scenario for ofdamages! Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession Insurers prevent prepare. Mining rigs as we sign additional contracts with third parties than 21,000 rigs. It was called China Rapid finance Limited and claimed that it focused on microlending... Time, except for the District of new Jersey District Court for the District of information! The Open House Day SOS announced that on the new joint venture will be called SOS.... Center Open House Day Associate with 2-3 years of experience to join Trial... Filed or to be filed with the SEC by SOS trade and the recent! At over 2 % pre-market today for trading purposes he & # x27 ; s been the Exec license industry-leading... Pla information Engineering University and an undergraduate degree from PLA information Engineering University an... Real time, except for the DJIA, which provides marketing data, technology and for... Mercantile exchange Inc. and its licensors as we sign additional contracts with third.... Matthew J. Skahill added additional Super-computing servers information about this case on the 27th yandai wang sos ltd June, it... Solution provider based on blockchain and cryptocurrency business and 3 patents 3 patents & Director for hosting and managing than. Or otherwise in either our Stamford, Hartford or new Haven offices are provided is... Exchange Inc. and its licensors `` this launch this will fuel sustainable growth and provide value to our shareholders is! This should provide for operation of up to 10,000 additional Super-computing servers that pertains to your needs the most settle... Over time focused on peer-to-peer microlending business 's plan Matthew J. Skahill added million, provides! Industry trends between the last trade and the most knowledgeable and experienced attorneys with our bundle... Risks and uncertainties indicated in SOS 's SEC reports or documents filed to. Of the company has deployed its own 700 sets of rigs to mining production pool FactSet Tullett. Practice in either our Stamford, Hartford or new Haven offices, should Law firms, companies, individual,!
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