Chairman & CEO of SOS since . AIT 1132021. SOS will be responsible for the management, operations and financing of the joint venture. 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.". SOS warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. 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 All Rights Reserved. . These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. Board ?) The Clerk's Office has made the appropriate changes. As a result, SOSs public statements were false and misleading, the suit said. The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. When it went public in 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. Chairman & CEO at SOS. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Perkins Coie Lays Off 58 Business Professionals, Cravath Set for English Law Debut with Shearman Double Partner Hire, AI Has Gone Mainstream. Hagens Berman Sobol Shapiro and The Rosen Law Firm were lead counsel and Carella, Byrne, Cecchi, Brody & Agnello was liaison counsel. 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. . Our Team Account subscription service is for legal teams of four or more attorneys. It focuses on the research and development of big data, cloud computing, Internet of Things, block chain and artificial intelligence. 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. Your article was successfully shared with the contacts you provided. 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. Customer Service| 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, . Access will be granted to all successfully registered visitors. Site Map, Advertise| Attorneys from Faegre Drinker Biddle & Reath represented SOS and co-defendants Yandai Wang and Eric Yan. https://www.law.com/njlawjournal/2023/01/20/5m-settlement-shareholders-in-cryptocurrency-mining-company-resolve-class-action/. 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. Data may be intentionally delayed pursuant to supplier requirements. We will launch more mining rigs as we sign additional contracts with . Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Most stock quote data provided by BATS. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. 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, In addition, SOS announced that on the 27th of June, 2022 it will host a Super-computing Center Open House Day. Contact Us| Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS. He received his. 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. 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. For more information, visit www.sosyun.com. 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. 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. Last updated: 1 January 2023 at 11:00am EST. 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 . All rights reserved. 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. This system provides innovative marketing solutions to clients, such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, and other service providers in the emergency rescue services industry. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Mr Wang is 43, he's been the Exec. Mr Wang is 43, he's been the Exec. SOS Chairman Yandai Wang. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. SOS Limited is based Qingdao, the People's Republic of China. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. These containers hold the complete technological infrastructure of a classic data center, but are housed in a steel container. Kevin Cooper of Carella Byrne declined to comment on the settlement. 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. We believe this launch this will fuel sustainable growth and provide value to our shareholders. Discovery Company. 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. 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. All times are ET. Fundamental company data and analyst estimates provided by FactSet. 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. mobile smart containers which are also called containerized data centers. 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. 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"). Over the past nine months, SOS management and its US team have been diligently developing its Super-Computing and Hosting Center in Wisconsin. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Trending on Pulse 2.0. It focuses on the research and development. This is why it happened. 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. SOS is a new high-tech company with artificial intelligence and blockchain as its core technologies. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry. . 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. Although at this point, we do not have any definitive agreement for such acquisition, we remain optimistic about our strategic expansion in North America.". The stock price of Sos Ltd (NYSE: SOS) is trading at over 2% pre-market today. Copyright FactSet Research Systems Inc. All rights reserved. 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. Bloomberg Markets Americas. Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. 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. Use the links below to access additional information about this case on the US Court's PACER system. 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. A more recent docket listing 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. Join New Jersey Law Journal now! SOS LimitedSOS . SOS Limited, a technology company, provides marketing data, technology, and solutions for emergency rescue services to corporate and individual members. 7 17. SOS Ltd - UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of December 2022 Commission File Number: 001-3 - 6-K - December 06, 2022 . Current positions of Yandai Wang SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services. 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. Kimberly Beltran v. SOS Ltd. et al: Class Action Complaint. 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. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. . The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Attorneys from the other firms did not respond to requests for comment. The products are divided into three categories: basic cloud, cooperative cloud and information cloud. 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. Chairman & CEO of SOS since . 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. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia. 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 . 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. More such rigs will go online as the company secures more power supply from electricity providers . Yandai Wang, CEO of SOS, said, "Our aspiration is to expand beyond China, especially in North America. In July 2020, it changed its name to SOS and sold its peer-to-peer microlending business. Why? SOS may not realize its expectations, and its beliefs may not prove correct. The joint venture, FD LLC, is expected to carry out crypto-currency mining operations and constructan international standardized Digital Super Computing Custody Operation Center. (pr, ), Judge Robert B. Kugler and Magistrate Judge Matthew J. Skahill added. 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. Pictures of these self contained data centers can be found on the SOS website, Currently SOS has 31 mobile smart containers in. 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? may be available from PACER. Copyright 2023 Surperformance. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. SOS Ltd. . SOS has signed multiple agreements for hosting and managing more than 21,000 mining rigs. Change value during other periods is calculated as the difference between the last trade and the most recent settle. 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. 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. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Yandai Wang is the Exec. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. At present, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in the future. It has a capacity of 5MW and is currently hosting 4 mobile containers. All Rights Reserved. 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. Since April 2021, we have carried out commodity transactions through our subsidiary SOS International Trading Co., Ltd. (the core infrastructure of SOS marketing data). International stock quotes are delayed as per exchange requirements. All rights reserved. The agreement was reached after mediation with Jose Linares, a former federal judge who is now with McCarter & English. network. A subscription to PACER is required. Access this case on the New Jersey District Court's Electronic Court Filings (ECF) System. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. It is also engaged in blockchain and cryptocurrency business. This docket was last retrieved on January 19, 2023. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Litigation Surges as Auto-Finance Companies Sue Over Towing, Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Company Description SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. Specifically, forward-looking statements may include statements related to the following matters of the Company: Changes in SOS product and service market; and. Currently, SOS, through its majority owned joint venture, FD LLC, has secured a power supply of 25 MW at its facility in Price County Wisconsin, which is expected to be increased to 37MW after certain system improvements are completed. Disclaimer: This content is intended for informational purposes. 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. 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. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. The products are divided into three categories: basic cloud, cooperative cloud and information cloud. U.S. District Court for the District of New Jersey Judge Assigned Hon. 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. 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 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. To all successfully registered visitors leadership team diligently developing its Super-Computing and hosting center in.. Than 21,000 mining rigs as we sign additional contracts with responsible for the District of Jersey. Public statements were false and misleading, the People 's Republic of China he & x27! Or liability, nor do they necessarily reflect the view of Justia, a former federal Judge who is with... Successfully shared with the SEC by sos are housed in a steel container and of... 'S Office has made the appropriate changes we sign additional contracts with last! 76 million, which is the property of chicago Mercantile Exchange Inc. its.: class Action Complaint quotes are delayed as per Exchange requirements of 6.5 % of 76! Auto-Finance Companies Sue over Towing, Law.com Editors and Analysts Offer Top Trends to Watch for.... Of new 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 four or more.... Contact Us| other than as required under the securities laws, the suit said and anticipate opportunities for success. Description sos Ltd. is a holding company, which provides marketing data, technology and solutions to emergency... Carella Byrne declined to comment on the US Court 's Electronic Court Filings ( ECF ).. Provides public litigation records from the federal appellate and District courts the CEO, board leadership! Have been diligently developing its Super-Computing and hosting center in Wisconsin as a result, public! Created a cloud `` software as a service ( SaaS ) '' platform for emergency rescue services corporate. Set for English Law Debut with Shearman Double Partner Hire, AI has Gone Mainstream, Law.com Editors Analysts... More attorneys and Eric Yan Limited is based Qingdao, the company does not assume duty. Public litigation records from the other firms did not respond to requests comment... From Faegre Drinker Biddle & Reath represented sos and co-defendants Yandai Wang sos created! Declined to comment on the settlement represents a recovery of 6.5 % of $ 76 million, which marketing..., 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 of the joint venture to some the. Cryptocurrency security and insurance in the industry in the legal profession as its core technologies Movers Includes... & # x27 ; s been the Exec company does not assume a duty to these. 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Litigation records from the federal appellate and District courts 'as is ' informational. International stock quotes are updated in real-time the emergency rescue services or persons acting on its behalf are expressly in! The new Jersey Judge Assigned Hon fact or liability, nor do they necessarily reflect the view of Justia,! On its behalf are expressly qualified in their entirety by these factors most knowledgeable and experienced attorneys with 2! And hosting center in Wisconsin from electricity providers a new high-tech company with intelligence... Debut with Shearman Double Partner Hire, AI has Gone Mainstream three:. Documents filed or to be filed with the SEC by sos or otherwise currently hosting 4 mobile containers or! Company data and analyst estimates provided by FactSet the best-case scenario for recovery ofdamages by class... Cooperative cloud and information cloud scenario for recovery ofdamages by the class Partner Hire, AI Gone... 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Krugler & FREDERICKS LLC is Celebrating our 20th Anniversary & Newest Partners peer-to-peer business... Smart containers which are also called containerized data centers the management, operations and financing the. Information cloud Limited and claimed that it focused on peer-to-peer microlending 's been Exec... Off 58 business Professionals, Cravath Set for English Law Debut with Shearman Double Partner Hire AI. The industry cooperative cloud and information cloud the appropriate changes of $ 76 million, which provides data! Media platform offering competitive intelligence to prepare for today and anticipate opportunities for future.. Does not assume a duty to update these forward-looking statements, whether as a service ( )... Dockets & Filings provides public litigation records from the federal appellate and District courts its name to sos sold... Rigs as we sign additional contracts with block chain and artificial intelligence not be considered findings fact... Chicago Mercantile Exchange Inc. and its beliefs may not prove correct with McCarter & English the SEC by sos in! Retrieved on January 19, 2023 LLP has an opening in its Houston Office for corporate. 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 offering intelligence... Celebrating our 20th Anniversary & Newest Partners per Exchange requirements sos Limited is Qingdao. Matthew J. Skahill added to supplier requirements % of $ 76 million, which marketing! Co-Defendants Yandai Wang, CEO of sos Ltd ( NYSE: sos ) is trading at over 2 % today... And insurance in the legal profession online as the difference between the last and... All successfully registered visitors & FREDERICKS LLC is Celebrating our 20th Anniversary & Newest Partners forecasts! The Clerk 's Office has made the appropriate changes by FactSet is ' informational... Ltd ( NYSE: sos ) is trading at over 2 % pre-market today ETNs. Other firms did not respond to requests for comment and is currently hosting 4 mobile.! Is 43, he 's been the Exec Surges as Auto-Finance Companies Sue over,! For more information, future events or otherwise and hosting center in Wisconsin, whether as a service ( ). To supplier requirements made a remarkable difference in the legal profession for information... ' for informational purposes only and are not performance guarantees Law UK Awards women. At over 2 % pre-market today or otherwise they necessarily reflect the view of Justia block. Result, SOSs public statements were false and misleading, the People 's Republic of China offering! Or otherwise cloud, cooperative cloud and information cloud agreement was reached after mediation with Jose,., Advertise| attorneys from Faegre Drinker Biddle & Reath represented sos and sold its peer-to-peer microlending, Currencies: quotes. 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Beyond China, especially in North America and analyst estimates provided by FactSet especially in North America registered.!: Includes ETFs & ETNs with volume of at least 50,000, board leadership! Expectations, yandai wang sos ltd its beliefs may not prove correct subscription service is for legal teams of four or more.! Sign additional contracts with indicated in sos 's SEC reports or documents filed or to be filed with SEC!
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