The defendants are located in China, and enforcing a judgment in China is very, very difficult, the magistrate wrote. This will add more jobs and support the local economy.". Currently SOS has 31 mobile smart containers in Wisconsin. 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. Based on our data team's research, Yandai Wang is the The SOS Group's CEO. Yandai Wang. We believe this launch this will fuel sustainable growth and provide value to our shareholders. All rights reserved. The oldest executive at SOS Limited is Sing Leung Li, 54, who is the CFO & Director. But Pascal wrote that the$5 million settlement was reasonable for several reasons. . SOS warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. Kevin Cooper of Carella Byrne declined to comment on the settlement. SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. 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. 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. Copyright FactSet Research Systems Inc. All rights reserved. Our Team Account subscription service is for legal teams of four or more attorneys. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. A Warner Bros. This docket was last retrieved on January 19, 2023. These containers hold the complete technological infrastructure of a classic data center, but are housed in a steel container. Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry. 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. 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. . Due to known and unknown risks, our actual results may differ materially from our expectations or projections. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. Currently, Yan serves as Vice President of SOS Information Technology Co., Ltd., the Company's operating subsidiary through which the . 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. A more recent docket listing may be available from PACER . 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 is why it happened. The report called for allocation of $1.7 million from the settlement fund for legal fees and costs. 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. The SOS Group has 35 employees, of which 28 are in a leadership position. What happened Shares of SOS Limited ( SOS 1.49%) tanked today, down by 12% as of 11:30 a.m. EST, after the. International stock quotes are delayed as per exchange requirements. SOS LimitedSOS . 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 created a cloud "software as a service (SaaS)" platform for emergency rescue services. 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 agreement was reached after mediation with Jose Linares, a former federal judge who is now with McCarter & English. Company Description SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. sos SOSAI+++ Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 3 patents. 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. 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. 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. Trending on Pulse 2.0. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Last updated: 1 January 2023 at 11:00am EST. QINGDAO, China, June 21, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company"or "SOS") announced today that it has entered into a joint venture agreement with Niagara Development LLC ("Niagara Development"), a New Jersey limited liability company, for a joint venture to be based in Niagara, Wisconsin. More such rigs will go online as the company secures more power supply from electricity providers . Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. For more information, visit www.sosyun.com. 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. Access additional case information on PACER These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. We will continue to invest in more high level rigs for our own mining use and increase the manpower to support local operations. There are 1 older and no younger executives at SOS. As a result, caution must be exercised in relying on forward-looking statements. The stock price of Sos Ltd (NYSE: SOS) is trading at over 2% pre-market today. 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. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. 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. Factset: FactSet Research Systems Inc.2019. Since. 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. It has about 20 million members in China. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Contact Us| 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. (dd, ). Attorneys from the other firms did not respond to requests for comment. Executive Summary. 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 joint venture, FD LLC, is expected to carry out crypto-currency mining operations and constructan international standardized Digital Super Computing Custody Operation Center. It focuses on the research and development. Over 680 client hosted servers have been deployed in mobile smart containers to date. We continue to explore the possibility of acquisition of Niagara Development, Sherman Development LLC, and Park Falls Management LLC. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. For more information, please visit: http://www.sosyun.com/. For more information, visit: http://www.sosyun.com/ . Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. 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. . Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Yandai Wang, Chairman of SOS, commented, "SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance and other industries. Sos Ltd Bldg 6, E. Seaview Park, 298 Haijing Rd, Yinzhu Str., West Coast New District QINGDAO, SHANDONG 266400 CN. The two companies will inject $9.1 million in the venture . 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. 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. 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. SOS Chairman Yandai Wang. Litigation Surges as Auto-Finance Companies Sue Over Towing, Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 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. Although at this point, we do not have any definitive agreement for such acquisition, we remain optimistic about our strategic expansion in North America.". AIT 1132021. Yandai Wang, CEO of SOS, said, "Our aspiration is to expand beyond China, especially in North America. Both options are priced the same. 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. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. 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. . 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. 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. network. It is also engaged in blockchain and cryptocurrency business. 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. When it went public in 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending. 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. Pictures of these self contained data centers can be found on the SOS website, (http://www.sosyun.com/). (Podcast). 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 . 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. The products are divided into three categories: basic cloud, cooperative cloud and information cloud. Defendant Yandai Wang ("Wang") has served as SOS's Executive Chairman and Chief Executive Officer at all relevant times. 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. As a result, SOSs public statements were false and misleading, the suit said. Why? The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. Board ?) Perkins Coie Lays Off 58 Business Professionals, Cravath Set for English Law Debut with Shearman Double Partner Hire, AI Has Gone Mainstream. All times are ET. 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. Access will be granted to all successfully registered visitors. That firms Sandra Grannum declined to comment on the settlement. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Source: Kantar Media, Executive Chairman & Chief Executive Officer. Your Real Estate Legal and Brokerage Expert, The Kenny Law Firm s Technological Advancements: How They Help You, Award-Winning US Firm Pryor Cashman Adopts Tiger Eye Tools for iManage. SOS Limited (Translation of registrant's name into English) Building 6, East Seaview Park, 298 Haijing Road, Yinzhu Street West Coast New District, Qingdao City, Shandong Province 266400 People's Republic of China +86-532-86617117 (Address of principal executive office) Indicate by check mark whether the registrant files 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. U.S. District Court for the District of New Jersey Judge Assigned Hon. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. 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 . 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. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. Learn about SOS Limited (SOS) stock's management team. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. We will launch more mining rigs as we sign additional contracts with third parties. Current positions of Yandai Wang 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.". In July 2020, the headquarters of SOS moved from Gui'an new area to Qingdao West Coast new area. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Hagens Berman Sobol Shapiro and The Rosen Law Firm were lead counsel and Carella, Byrne, Cecchi, Brody & Agnello was liaison counsel. The company was founded by Zheng Yu Wang and Andrew Mason in 2001 and is headquartered in Qingdao, China. 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. 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. Defendant Dr. Eric H. Yan ("Yan") was hired by SOS on January 6, . SOS may not realize its expectations, and its beliefs may not prove correct. The Center is designed to host super-computing servers inside mobile smart containers which are also called containerized data centers. The settlement won judicial approval based on a recommendation that it represents a 6.5% recovery of the optimal damages amount. He received an undergraduate degree from PLA Information Engineering University and an undergraduate degree from the University of San Francisco. It has a capacity of 5MW and is currently hosting 4 mobile containers. At present, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in the future. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. SOS is an emerging marketing solution provider based on blockchain and big data drive. 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. 6.5 % recovery of 6.5 % recovery of the company was founded by Zheng Yu Wang and Andrew in... Mobile containers July 2020, the company 's plan or otherwise of San Francisco software and. Disclaims any obligation to update the forward-looking statements and are not performance guarantees, Cravath Set for English Law with. 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