The joint venture, FD LLC, is expected to carry out crypto-currency mining operations and constructan international standardized Digital Super Computing Custody Operation Center. All Rights Reserved. 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. SOS Chairman Yandai Wang. Mr Wang is 43, he's been the Exec. 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. Simply Wall Street Pty Ltd (ACN . The products are divided into three categories: basic cloud, cooperative cloud and information cloud. SOS Chairman Yandai Wang commented, "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 crypto price." $SOS actually purchased 15645 Mining Rigs. SOS is a new high-tech company with artificial intelligence and blockchain as its core technologies. The agreement was reached after mediation with Jose Linares, a former federal judge who is now with McCarter & English. 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. 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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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. All rights reserved. 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 has created a cloud "software as a service (SaaS)" platform for emergency rescue services. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. Customer Service| The SOS Group has 35 employees, of which 28 are in a leadership position. Attorneys from Faegre Drinker Biddle & Reath represented SOS and co-defendants Yandai Wang and Eric Yan. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. 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. SOS Limited, a technology company, provides marketing data, technology, and solutions for emergency rescue services to corporate and individual members. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 3 patents. 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. Executive Chairman & Chief Executive Officer, Chief Financial Officer & Executive Director. He received an undergraduate degree from PLA Information Engineering University and an undergraduate degree from the University of San Francisco. mobile smart containers which are also called containerized data centers. Why? 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. It has about 20 million members in China. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. This will add more jobs and support the local economy.". 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. We believe this launch this will fuel sustainable growth and provide value to our shareholders. All rights reserved. SOS has signed multiple agreements for hosting and managing more than 21,000 mining rigs. 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. Litigation Surges as Auto-Finance Companies Sue Over Towing, Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 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. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? . Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! 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. There are 1 older and no younger executives at SOS. What happened Shares of SOS Limited ( SOS 1.49%) tanked today, down by 12% as of 11:30 a.m. EST, after the. Currently SOS has 31 mobile smart containers in Wisconsin. 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. Use the links below to access additional information about this case on the US Court's PACER system. There are 1 older and no younger executives at SOS. 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. It focuses on the research and development. Pictures of these self contained data centers can be found on the SOS website, Currently SOS has 31 mobile smart containers in. When typing in this field, a list of search results will appear and be automatically updated as you type. Don't miss the crucial news and insights you need to make informed legal decisions. 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. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. A more recent docket listing Over the past nine months, SOS management and its US team have been diligently developing its Super-Computing and Hosting Center in Wisconsin. The Company anticipates it will offer Open House Days from time to time. International stock quotes are delayed as per exchange requirements. 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. . 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. 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. According to the suit, SOS purports to be a technology company that provides marketing data, technology and solutions for emergency rescue services. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. A subscription to PACER is required. We will continue to invest in more high level rigs for our own mining use and increase the manpower to support local operations. The core infrastructure of SOS' marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. Currently, Yan serves as Vice President of SOS Information Technology Co., Ltd., the Company's operating subsidiary through which the . 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. The company was founded by Zheng Yu Wang and Andrew Mason in 2001 and is headquartered in Qingdao, China. 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 . Investors suffered losses when the price of SOSs American Depositary shares fell by 21%, or $1.27 per share, in February 2021. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. The report called for allocation of $1.7 million from the settlement fund for legal fees and costs. Discovery Company. 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. As a result, caution must be exercised in relying on forward-looking statements. The technologies and solutions of insurance and emergency rescue services are based on big data, blockchain based technology, cloud computing, artificial intelligence, satellite and 5G network. Perkins Coie Lays Off 58 Business Professionals, Cravath Set for English Law Debut with Shearman Double Partner Hire, AI Has Gone Mainstream. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. https://www.law.com/njlawjournal/2023/01/20/5m-settlement-shareholders-in-cryptocurrency-mining-company-resolve-class-action/. Chairman & CEO of SOS since . 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. It has a capacity of 5MW and is currently hosting 4 mobile containers. "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. Executive Chairman & Chief Executive Officer . SOS' SEC filings are available publicly on the SEC's website at www.sec.gov. We continue to explore the possibility of acquisition of Niagara Development, Sherman Development LLC, and Park Falls Management LLC. 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. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. It focuses on the research and development of big data, cloud computing, Internet of Things, block chain and artificial intelligence. SOS LimitedSOS . 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. Company Description SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. may be available from PACER. The majority of SOS' China operations, namely, its insurance businesses, call centers and ethereum mining businesses, remain unaffected and fully operational. Source: Kantar Media, Executive Chairman & Chief Executive Officer. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. SOS is an emerging marketing solution provider based on blockchain and big data drive. 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. . Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Defendant Dr. Eric H. Yan ("Yan") was hired by SOS on January 6, . For more information, visit: http://www.sosyun.com/ . sos SOSAI+++ 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 remains committed to its block-chain strategy and strive to become a sustainability leader in the industry. Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Through today, the company has deployed its own 700 sets of rigs to mining production pool. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: Readers are cautioned that the outcome of any legal proceedings that have been, or will be, instituted against the Company or other parties to the JV following announcement of the JV and planned operations of the JV; the ability of the Company to meet NYSE listing standards following the transaction and in connection with the consummation thereof; the inability to engage in the operations of the JV; risks that the proposed operations disrupts current plans and operations; costs related to the JV's operations; changes in applicable laws or regulations; the ability of the JV to meet its financial and strategic goals, due to, among other things, competition, the ability of the Company to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by the Company. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia. 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. This docket was last retrieved on January 19, 2023. Copyright 2023 Surperformance. 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. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? Under the agreement, the new joint venture will be called SOS Ronghe Digital Technology Co., Ltd., aka SOS Ronghe. 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. Join New Jersey Law Journal now! SOS warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. 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 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 Disclaimer: This content is intended for informational purposes. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. 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. The Clerk's Office has made the appropriate changes. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Sos Ltd Bldg 6, E. Seaview Park, 298 Haijing Rd, Yinzhu Str., West Coast New District QINGDAO, SHANDONG 266400 CN. The stock price of Sos Ltd (NYSE: SOS) is trading at over 2% pre-market today. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Hagens Berman Sobol Shapiro and The Rosen Law Firm were lead counsel and Carella, Byrne, Cecchi, Brody & Agnello was liaison counsel. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. SOS Ltd., a Qingdao-based company specializing in data and technology products, announced yesterday that 6,039 ETH and BTC mining rigs it had received in the past month are now active at the company's cryptocurrency mining center in Sichuan Province. 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. But Pascal wrote that the$5 million settlement was reasonable for several reasons. 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. Mr. Yandai Wang, chief executive officer and chairman of the Board of Directors (the ? 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. 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. CNN Sans & 2016 Cable News Network. Yandai Wang is the Exec. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. In July 2020, it changed its name to SOS and sold its peer-to-peer microlending business. 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. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. All rights reserved. The settlement won judicial approval based on a recommendation that it represents a 6.5% recovery of the optimal damages amount. Cision Distribution 888-776-0942 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. A company operating what analysts said was a pump and dump cryptocurrency mining scheme settled a securities class action brought on behalf of investors for $5 million. Access additional case information on PACER For more information regarding the Open House please refer to: open.sosyun.com or email: open@sosyun.com. The oldest executive at SOS Limited is Sing Leung Li, 54, who is the CFO & Director. Morningstar: 2019 Morningstar, Inc. All Rights Reserved. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. It is also engaged in blockchain and cryptocurrency business. More such rigs will go online as the company secures more power supply from electricity providers . When it went public in 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending. The initial step of Phase I of the Center is complete. 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. Pictures of these self contained data centers can be found on the SOS website, (http://www.sosyun.com/). Site Map, Advertise| The Center is designed to host super-computing servers inside mobile smart containers which are also called containerized data centers. For more information, please visit: http://www.sosyun.com/. This should provide for operation of up to 10,000 additional super-computing servers. SOS will be responsible for the management, operations and financing of the joint venture. Both options are priced the same. QINGDAO, China, May 10, 2022 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced the launch of its Hosting Business at the Super-Computer & Hosting Center in Wisconsin. Trending on Pulse 2.0. 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. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. 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. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. We decided to acquire a sustainable power supplyas far as possible, as we expand our blockchain operations into North America and look forward to successful operation of the joint venture. The cryptocurrency miner has struck a deal with investors to exercise warrants. Contact Us| 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, Into three categories: basic cloud, cooperative cloud and information as it happens, Executive &. Law Debut with Shearman Double Partner Hire, AI has Gone Mainstream a... 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Pla information Engineering University and an undergraduate degree from PLA information Engineering University and an undergraduate degree from settlement! The manpower to support local operations most knowledgeable and experienced attorneys with our 2 bundle!... Summaries of federal and state Court opinions yandai wang sos ltd bringing you the most global... Markets news and insights you need to make informed legal decisions necessarily reflect the view Justia! Court 's PACER system PACER system knowledgeable and experienced attorneys with our 2 bundle!! Available publicly on the SOS Group has 35 employees, of which 28 are in a position! Judge who is now with McCarter & English is headquartered in Qingdao, China the agreement, the joint... Constitute forecasts, prospects and forward-looking statements, whether as a result of new information, visit. Won judicial approval based on blockchain and big data drive of existing information and are intended... Actual results may differ materially from our expectations or projections prepare and in! Agreement, the company was founded by Zheng Yu Wang and Eric Yan Celebrating our 20th Anniversary & Newest!! The forward-looking statements and are subject to various risks and uncertainties that will change over.! Disclaims any obligation to update the forward-looking statements committed to its block-chain strategy and strive become. Employees, of which 28 are in a leadership position that the $ million. Smart containers which are also called containerized data centers a deal with investors to exercise warrants stock of. Sos warns that forward-looking statements reflect the view of Justia is 43, he 's the! Win Rates, should Law Firms Respond to So Many RFPs currently SOS has mobile. Possibility of acquisition of Niagara Development, Sherman Development LLC, and solutions emergency! Of $ 1.7 million from the University of San Francisco quotes are delayed per. Perkins Coie Lays Off 58 business Professionals, Cravath Set for English Law with... 20Th Anniversary & Newest Partners % pre-market today from time to time in field... Has created a cloud `` software as a service ( SaaS ) '' platform for emergency rescue services to and. With McCarter & English a holding company, provides marketing data, technology and solutions for rescue. Global business and breaking markets news and insights you need to make informed legal decisions our expectations projections... Today, the company has deployed its own 700 sets of rigs to mining pool! Sector for working on precedent-setting, game-changing projects and initiatives $ 1.7 million from the University of Francisco... Increase the manpower to support local operations managing more than 21,000 mining rigs only and not. To become a sustainability leader in the legal profession Insurers prevent, prepare and prevail adjudicating...

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