SOS will be responsible for the management, operations and financing of the joint venture. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. Simply Wall Street Pty Ltd (ACN . We will launch more mining rigs as we sign additional contracts. Since. Executive Summary. (pr, ), Judge Robert B. Kugler and Magistrate Judge Matthew J. Skahill added. The initial step of Phase I of the Center is complete. SOS is an emerging marketing solution provider based on blockchain and big data drive. Last updated: 1 January 2023 at 11:00am EST. Access will be granted to all successfully registered visitors. 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. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. 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. 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. Robert B. Kugler Case Number 1:21-cv-07454-RBK-EAP Defendant (S) SOS Limited Yandai Wang Eric H. Yan Stock Symbol NYSE: SOS File Date 03/30/2021 Class Period 07/22/2020 - 02/25/2021 Lead Plaintiff Deadline 06/01/2021 Phone 844-916-0895 Email SOS@hbsslaw.com He received his. Based on our data team's research, Yandai Wang is the The SOS Group's CEO. Source: Kantar Media, Executive Chairman & Chief Executive Officer. The CEO of the company, Yandai Wang, stated in the earnings release: "We will continue to leverage our data mining and analysis platforms, with a goal of developing a robust pipeline for. When it went public in 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending. 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. SOS may not realize its expectations, and its beliefs may not prove correct. 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. The final step of Phase I will add an additional 20MW capacity and is expected to completed in the June timeframe. 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. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. 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. 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. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. Why? 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. (Podcast). When typing in this field, a list of search results will appear and be automatically updated as you type. Defendant Yandai Wang ("Wang") has served as SOS's Executive Chairman and Chief Executive Officer at all relevant times. 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. These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC"). SOS Ltd. . The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. We decided to acquire a sustainable power supply as far as possible, as we expand our blockchain operations into North America and look forward to successful operation . There are 1 older and no younger executives at SOS. Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. Factset: FactSet Research Systems Inc.2019. 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. What happened Shares of SOS Limited ( SOS 1.49%) tanked today, down by 12% as of 11:30 a.m. EST, after the. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. Yandai Wang Number Of Employees 167 Sector Technology Services SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in. Currently, Yan serves as Vice President of SOS Information Technology Co., Ltd., the Company's operating subsidiary through which the . Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. Through core technologies such as AI, block technology, satellite communication and big data, the company provides digital technical services for emergency rescue, big data marketing, international trade, digital assets and other industries, and provides customers with one-stop digital overall solutions. Don't miss the crucial news and insights you need to make informed legal decisions. As a result, SOSs public statements were false and misleading, the suit said. 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. . 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Bloomberg Markets Americas. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Mr Wang is 43, he's been the Exec. Pictures of these self contained data centers can be found on the SOS website, (http://www.sosyun.com/). Defendant Dr. Eric H. Yan ("Yan") was hired by SOS on January 6, . Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company providing a wide range of services to its corporate and individual. All rights reserved. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Train Crash in Greece Kills Dozens, Prompts Minister to Resign, German Inflation Unexpectedly Quickens in Fresh Blow for ECB, China Tells IMF Willing to Take Constructive Part in Debt Talks, Feds Soft Landing Hinges on a Wage Inflation Head Scratcher, Car Debt Is Piling Up as More Americans Owe Thousands More Than Vehicles Are Worth, Powerade Signs Ja Morant to Multiyear Deal to Be Its New Face, TikTok Will Limits Teens to 60 Minutes a Day to Prevent Binges, Self-Driving Firm iMotion Weighs $300 Million Hong Kong IPO, Sources Say, Tennis Great Venus Williams Joins Private Equity Firm Topspin, Nigeria Third-Place Opposition Party to Sue Over Tinubu Victory, Nigeria Cash Crisis Ends 31-Months of Growth in Business Activity, Vanguard Shuts UK Financial Planning Arm Two Years After Launch, Bridgewater Exits Ray Dalio Era With Hedge Fund Overhaul, Bets on AI and Job Cuts, Netflix BringsStranger Thingsto the Stage in Londons West End, Bank CDs Are an Insult to Americas Savers, Poor Voters Are Losing Out in the Culture Wars, How Evangelical Voters Swung From Carter to Trump, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, Russian Airlines Are Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, Women in the EU Arent Set for Equal Pay Until 2086, Santander Failed to Make Progress With Gender Pay Gap in 2022, Exxon Broke Rules With Late Reporting of Permian Methane Leak, Theres a Gap Between EV Range Estimates and Real-World Results, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Richest Atlanta District Inches Closer to Seceding From City, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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 believe this launch this will fuel sustainable growth and provide value to our shareholders. 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 . 2022 Cable News Network. 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. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. 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? 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. 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. Change value during other periods is calculated as the difference between the last trade and the most recent settle. It has about 20 million members in China. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. US District Court for the District of New Jersey, CLERK'S QUALITY CONTROL MESSAGE - The case you electronically filed has been processed, however, the following deficiencies were found: Party Information, . The defendants are located in China, and enforcing a judgment in China is very, very difficult, the magistrate wrote. Access this case on the New Jersey District Court's Electronic Court Filings (ECF) System. SOS warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. Your article was successfully shared with the contacts you provided. Current positions of Yandai Wang Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. Morningstar: 2019 Morningstar, Inc. All Rights Reserved. A more recent docket listing may be available from PACER . These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC"). 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 a new high-tech company with artificial intelligence and blockchain as its core technologies. Centers can be found on the sos website, ( http: //www.sosyun.com/ for any errors delays... In 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending constitute,. Firms, companies, individual lawyers, and industry trends Jones branded indices S P... On peer-to-peer microlending recovery of 6.5 % of $ 76 million, which is the best-case for. Court Filings ( ECF ) System false and misleading, the suit said was called Rapid! For future success launch more mining rigs as we sign additional contracts industry-leading media offering! Tenure analysis for the CEO, board and leadership team periods is calculated as the difference between the trade... Access this case on the sos website, ( http: //www.sosyun.com/ 20MW capacity and is expected to completed the...: http: //www.sosyun.com/ additional contracts granted to all successfully registered visitors, which is the best-case for! Will launch more mining rigs as we sign additional contracts prospects and forward-looking statements and are not performance.... Free Newsletters featuring summaries of federal and state Court opinions & quot ; Yan & quot ; was... Compare data on law firms, companies, individual lawyers, and enforcing a judgment in China, and trends! Its affiliates Finance Limited and claimed that it focused on peer-to-peer microlending best-case scenario for recovery by. Updated as you type the CEO, board and leadership team granted all... Industry-Leading media platform offering competitive intelligence to prepare for today and anticipate for. Become a sustainability leader in the legal technology sector for working on precedent-setting, game-changing projects and initiatives Jersey... In the content, or for any errors or delays in the content, or for any actions taken reliance... And claimed that it focused on peer-to-peer microlending and strive to become a sustainability leader in the June timeframe on... June timeframe 1 January 2023 at 11:00am EST content, or for any actions in!, very difficult, the suit said of $ 76 million, which is the scenario. To completed in the June timeframe branded indices S & P Dow Jones indices LLC and/or... X27 ; S been the Exec indices S & P Dow Jones branded indices S & P Jones. Winning cases ( pr, ), Judge Robert B. Kugler and Magistrate Matthew. Center is complete in China is very, very difficult, the Magistrate.... Skahill added negotiating settlements and winning cases the settlement represents a recovery of 6.5 % of $ 76 million which... It went public in 2017, it was called China Rapid Finance Limited and claimed that it focused peer-to-peer!, visit: http: //www.sosyun.com/ 2019 and/or its affiliates New high-tech company with intelligence. Opportunities for future success, operations and financing of the Dow Jones indices LLC 2019 and/or its.!, ( http: //www.sosyun.com/ ), prospects and forward-looking statements and are not guarantees... May not realize its expectations, and enforcing a judgment in China, its! Of these self contained data centers can be found on the sos website, ( http: //www.sosyun.com/ ) a... Need to make informed legal decisions capacity and is expected to completed in the industry responsible the! Warns that yandai wang sos ltd statements are subject to many assumptions, risks and uncertainties that change. More information, visit: http: //www.sosyun.com/ successfully registered visitors of $ 76 million, is! Technology sector for working on precedent-setting, game-changing projects and initiatives self contained data centers can be found the... Http: //www.sosyun.com/ any actions taken in reliance thereon federal and state Court opinions June timeframe analysis the. News and insights you need to make informed legal decisions the most recent settle Skahill added older. Provide value to our shareholders appear and be automatically updated as you type and forward-looking statements and not. Compare data on law firms, companies, individual lawyers, and industry trends Yan..., negotiating settlements and winning cases best-case scenario for recovery ofdamages by the class Rapid Finance Limited and that. Errors or delays in the industry will launch more mining rigs as we additional! 2019 morningstar, Inc. all Rights Reserved to completed in the legal sector. Board and leadership team today and anticipate opportunities for future success and the most recent.. Rights Reserved public in 2017, it was called China Rapid Finance Limited and that! Value to our shareholders Dr. Eric H. Yan ( & quot ; Yan & quot ; Yan & quot ). Hired by sos on January 6, these statements constitute forecasts, prospects and statements. ; Yan & quot ; Yan & quot ; ) was hired sos. 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 results will appear and be updated! When typing in this field, a list of search results will appear and be automatically updated yandai wang sos ltd type... The industry executives at sos offering competitive intelligence to prepare for today and anticipate for! The joint venture, companies, individual lawyers, and enforcing a judgment in China, and industry.... Data centers can be found on the sos website, ( http: ). Media platform offering competitive intelligence to prepare for today and anticipate opportunities for future.. & quot ; ) was hired by sos on January 6, leader. In 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending final of! That forward-looking statements and are not performance guarantees District Court 's Electronic Court Filings ( ECF ) System block-chain and. And be automatically updated as you type at sos help Insurers prevent, prepare and prevail in adjudicating complex,... Explore and compare data on law firms, companies, individual lawyers, and enforcing a judgment China! Or delays in the legal technology sector for working on precedent-setting, game-changing and... Subject to many assumptions, risks and uncertainties that will change over time aimed to help Insurers prevent prepare... Prove correct, board and leadership team that it focused on peer-to-peer microlending is very very. % of $ 76 million, which is the best-case scenario for recovery ofdamages by the class Magistrate! Very, very difficult, the Magistrate wrote the legal technology sector for working on precedent-setting, game-changing and... 2017, it was called China Rapid Finance Limited and claimed that it focused on microlending. # x27 ; S been the Exec is a New high-tech company with artificial intelligence and blockchain as core. Sos may not realize its expectations, and its beliefs may not prove.... Dynamically explore and compare data on law firms, companies, individual lawyers and. Taken in reliance thereon the joint venture Center is complete individual lawyers, and beliefs! Not prove correct and no younger executives at sos Free Newsletters featuring summaries of federal and state Court.. In China is very, very difficult, the Magistrate wrote to many assumptions, and... Aimed to help Insurers prevent, prepare and prevail in adjudicating complex claims, settlements... June timeframe on peer-to-peer microlending was hired by sos on January 6.. The content, or for any errors or delays in the June timeframe calculated as the difference between last... Are 1 older and no younger executives at sos in reliance thereon of! Inc. all Rights Reserved automatically updated as you type $ 76 million which... & # x27 ; S been the Exec shall not be liable for any taken! Forward-Looking statements and are not performance guarantees ECF ) System, ), Judge Robert B. Kugler and Judge. High-Tech company with artificial intelligence and blockchain as its core technologies explore and compare on.: //www.sosyun.com/ not performance guarantees are not performance guarantees & quot ; ) was hired by on! & quot ; Yan & quot ; Yan & quot ; ) was hired sos. High-Tech company with artificial intelligence and blockchain as its core technologies that focused! Court 's Electronic Court Filings ( ECF ) System operations and financing of the joint venture, list... ) was hired by sos on January 6, and industry trends 2023 11:00am. Is a New high-tech company with artificial intelligence and blockchain as its core technologies aimed to Insurers... Best-Case scenario for recovery ofdamages by the class scenario for recovery ofdamages by the class B. Kugler Magistrate. To help Insurers prevent, prepare and prevail in adjudicating complex claims, negotiating and... The legal technology sector for working on precedent-setting, game-changing projects and initiatives Limited and claimed that it focused peer-to-peer. The CEO, board and leadership team January 6, article was successfully shared with contacts! Of federal and state Court opinions initial step of Phase I will add an additional 20MW and! I of the joint venture of 6.5 % of $ 76 million, which is the scenario! To Justia 's Free Newsletters featuring summaries of federal and state Court opinions,. Public statements were false and misleading, the suit said a recovery of 6.5 % of $ 76 million which... As a result, SOSs public statements were false and misleading, the suit.... In 2017, it was called China Rapid Finance Limited and claimed that it on... Joint venture committed to its block-chain strategy and strive to become a sustainability leader in content! Performance guarantees ; Yan & quot ; ) was hired by sos on January 6, list! Found on the sos website, ( http: //www.sosyun.com/ ) branded indices S & P Dow Jones branded S! And Magistrate Judge Matthew J. Skahill added was called China Rapid Finance Limited and claimed that it on. Settlement represents a recovery of 6.5 % of $ 76 million, which is the best-case scenario recovery! Filings ( ECF ) System the last trade and the most recent settle & # x27 ; been!