At present, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in the future. Defendant Dr. Eric H. Yan ("Yan") was hired by SOS on January 6, . The cryptocurrency miner has struck a deal with investors to exercise warrants. Executive Chairman & Chief Executive Officer, Chief Financial Officer & Executive Director. 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. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia. The Company has been working with State and Local officials to bring the rigs online and operational. "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 cryptocurrency price," said SOS Chairman Yandai Wang. That firms Sandra Grannum declined to comment on the settlement. Copyright 2023 ALM Global, LLC. other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS. Through today, the company has deployed its own 700 sets of rigs to mining production pool. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. Terms of Service, The company's stock price plunged after analysts reported that SOS was "an intricate, 'pump and dump' scheme that used fake addresses, undisclosed related entities, and doctored photos of cryptocurrency mining rigs to create an illusion of success.". Mr Wang is 43, he's been the Exec. 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. As a result, caution must be exercised in relying on forward-looking statements. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services. https://www.law.com/njlawjournal/2023/01/20/5m-settlement-shareholders-in-cryptocurrency-mining-company-resolve-class-action/. It focuses on the research and development. Bloomberg Markets Americas. Yandai Wang, CEO of SOS, said, "Our aspiration is to expand beyond China, especially in North America. 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. 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. Defendant Yandai Wang ("Wang") has served as SOS's Executive Chairman and Chief Executive Officer at all relevant times. Sos Ltd Bldg 6, E. Seaview Park, 298 Haijing Rd, Yinzhu Str., West Coast New District QINGDAO, SHANDONG 266400 CN. 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. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? 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. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! Copyright FactSet Research Systems Inc. All rights reserved. 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. . 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. 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. For more information regarding the Open House please refer to: open.sosyun.com or email: open@sosyun.com. 7 17. (dd, ). Source: FactSet. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. Yandai Wang is the Exec. At present, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in the future. All times are ET. The core infrastructure of SOS' marketing data, technology and solutions to insurance and emergency rescue services is built on big date, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. 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. Last updated: 1 January 2023 at 11:00am EST. 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. 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. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. Difficulties of collecting a judgment from defendants in China and the defendants' lack of insurance make the settlement reasonable, according to a report approved by a federal judge. 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. Contact Us| Executive Summary. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. 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 Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. 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 North America. . This is why it happened. He received an undergraduate degree from PLA Information Engineering University and an undergraduate degree from the University of San Francisco. 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. (Podcast). 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. 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, . 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. United States District Court for the District of New Jersey. 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. The firm created a SOS cloud emergency rescue service software as a service (SaaS) platform with three major product categories, including basic cloud (medical rescue card, car rescue card, financial rescue card, mutual assistance rescue card), cooperative cloud (information rescue center, intelligent big data, intelligent software and hardware), and information cloud. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. network. Pictures of these self contained data centers can be found on the SOS website, (http://www.sosyun.com/). 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. International stock quotes are delayed as per exchange requirements. What happened Shares of SOS Limited ( SOS 1.49%) tanked today, down by 12% as of 11:30 a.m. EST, after the. The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. 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. U.S. District Court for the District of New Jersey Judge Assigned Hon. 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