More such rigs will go online as the company secures more power supply from electricity providers . Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. 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. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. SOS is an emerging marketing and solution provider based on blockchain and big data. No potential class members objected to the settlement terms, even after more than 125,000 notices of the settlement terms were sent out by various means. The products are divided into three categories: basic cloud, cooperative cloud and information cloud. " QINGDAO, China, October 28, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") has actively been relocating its bitcoin mining rigs to a facility in Niagara, WI. 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. 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. Attorneys from Faegre Drinker Biddle & Reath represented SOS and co-defendants Yandai Wang and Eric Yan. We continue to explore the possibility of acquisition of Niagara Development, Sherman Development LLC, and Park Falls Management LLC. 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. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. 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 Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. Under the agreement, the new joint venture will be called SOS Ronghe Digital Technology Co., Ltd., aka SOS Ronghe. 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. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All rights reserved. Cision Distribution 888-776-0942 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. This represents progress on another step in SOS' strategy to build out its North America operations. Factset: FactSet Research Systems Inc.2019. other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS. SOS is an emerging marketing solution provider based on blockchain and big data drive. The Company anticipates it will offer Open House Days from time to time. We will continue to invest in more high level rigs for our own mining use and increase the manpower to support local operations. He received his. 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. Why? SOS LimitedSOS . 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 Through today, the company has deployed its own 700 sets of rigs to mining production pool. United States District Court for the District of New Jersey. The defendants are located in China, and enforcing a judgment in China is very, very difficult, the magistrate wrote. 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. Contact Us| 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. 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. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. 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. Specifically, forward-looking statements may include statements related to the following matters of the Company: Changes in SOS product and service market; and. 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. 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. 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 . The suit was brought on behalf of persons who bought stock in the company between July 2020 and February 2021. SOS is a new high-tech company with artificial intelligence and blockchain as its core technologies. Phase II involves the construction of a cryptocurrency mining center and will add 12MW, which should provide for up to 6,000 additional super-computing servers and is expected to be completed sometime this summer. 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. SOS Limited, a technology company, provides marketing data, technology, and solutions for emergency rescue services to corporate and individual members. 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 products are divided into three categories: basic cloud, cooperative cloud and information cloud. At present, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in the future. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. Pictures of these self contained data centers can be found on the SOS website, (http://www.sosyun.com/). 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. 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. Source: Kantar Media, Executive Chairman & Chief Executive Officer. 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. Defendant Yandai Wang ("Wang") has served as SOS's Executive Chairman and Chief Executive Officer at all relevant times. A Warner Bros. Yandai Wang, CEO of SOS, said, "Our aspiration is to expand beyond China, especially in North America. 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. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 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. . 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. Defendant Dr. Eric H. Yan ("Yan") was hired by SOS on January 6, . 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. 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 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. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. 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. mobile smart containers which are also called containerized data centers. . Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. 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.". The joint venture, FD LLC, is expected to carry out crypto-currency mining operations and constructan international standardized Digital Super Computing Custody Operation Center. The report called for allocation of $1.7 million from the settlement fund for legal fees and costs. Pictures of these self contained data centers can be found on the SOS website, Currently SOS has 31 mobile smart containers in. For more information, please visit: http://www.sosyun.com/. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. The Clerk's Office has made the appropriate changes. He received his undergraduate degree from the University of San Francisco and an undergraduate degree from PLA Information Engineering University. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. QINGDAO, China, April 12, 2022 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") today announced launch of its Super-Computing and Hosting Center in Wisconsin. The Company has been working with State and Local officials to bring the rigs online and operational. . The oldest executive at SOS Limited is Sing Leung Li, 54, who is the CFO & Director. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 3 patents. When it went public in 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending. For more information, visit www.sosyun.com. Yandai Wang, Chairman of SOS, commented, "SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance and other industries. This is why it happened. Copyright 2023 ALM Global, LLC. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. SOS Ltd. is a holding company, which provides marketing data, technology and solutions to the emergency rescue services in China. 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. It focuses on the research and development. sos SOSAI+++ 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. network. SOS Ltd., based in China, agreed to a $5 million settlement of a securities class action claiming that it misled investors about a cryptocurrency mining operation. . 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. Sos Ltd Bldg 6, E. Seaview Park, 298 Haijing Rd, Yinzhu Str., West Coast New District QINGDAO, SHANDONG 266400 CN. 7 17. SOS Chairman Yandai Wang. 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 India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, Executive Chairman & Chief Executive Officer. 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. That firms Sandra Grannum declined to comment on the settlement. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Although at this point, we do not have any definitive agreement for such acquisition, we remain optimistic about our strategic expansion in North America.". Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. The company was founded by Zheng Yu Wang and Andrew Mason in 2001 and is headquartered in Qingdao, China. This provides for the operation of up to 2,500 super-computing servers. We are in the process of building a leading supercomputer center in North America which will provide customers with cryptocurrency mining capacity & hosting service." About SOS 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 . Executive Chairman & Chief Executive Officer . 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. Use the links below to access additional information about this case on the US Court's PACER system. Most stock quote data provided by BATS. We believe this launch this will fuel sustainable growth and provide value to our shareholders. Access will be granted to all successfully registered visitors. Executive Summary. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. All Rights Reserved. According to the suit, SOS purports to be a technology company that provides marketing data, technology and solutions for emergency rescue services. Over the past nine months, SOS management and its US team have been diligently developing its Super-Computing and Hosting Center in Wisconsin. 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. License our industry-leading legal content to extend your thought leadership and build your brand. Bloomberg Markets Americas. The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. Kimberly Beltran v. SOS Ltd. et al: Class Action Complaint. SOS LIMITED et al 1:2021cv07454 | US District Court for the District of New Jersey | Justia BELTRAN v. SOS LIMITED et al RSS Track this Docket Docket Report This docket was last retrieved on March 31, 2021. About Us| 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. 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. 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. SOS Limited is based Qingdao, the People's Republic of China. Yandai Wang, Chairman of SOS, commented, "SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance and other industries. Discovery Company. CNN Sans & 2016 Cable News Network. The majority of SOS' China operations, namely, its insurance businesses, call centers and ethereum mining businesses, remain unaffected and fully operational. 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. 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. Disclaimer: This content is intended for informational purposes. The final step of Phase I will add an additional 20MW capacity and is expected to completed in the June timeframe. 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. Trending on Pulse 2.0. Map Phone: +86 532 86617117 Fax: - https://service.sosyun.com Incorporated. Chairman & CEO of SOS since . SOS has signed multiple agreements for hosting and managing more than 21,000 mining rigs. Our Team Account subscription service is for legal teams of four or more attorneys. Current positions of Yandai Wang Copyright 2023 Surperformance. 2022 Cable News Network. 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. 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. AIT 1132021. Based on our data team's research, Yandai Wang is the The SOS Group's CEO. 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? Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. Data may be intentionally delayed pursuant to supplier requirements. 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. 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. The fall was precipitated by a report from securities analysts Hindenburg Research and Culper Research that stated that SOS was an intricate, pump and dump scheme that usedfake addresses, undisclosed related entities, and doctored photos of cryptocurrency mining rigs to create an illusion of success.. There are 1 older and no younger executives at SOS. 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. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. 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. The initial step of Phase I of the Center is complete. (pr, ), Judge Robert B. Kugler and Magistrate Judge Matthew J. Skahill added. The stock price of Sos Ltd (NYSE: SOS) is trading at over 2% pre-market 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. Futures prices are delayed at least 50,000, prepare and prevail in adjudicating complex claims, settlements! New high-tech company with artificial intelligence and blockchain as its core technologies and... In 2017, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in June! Be a technology company, which provides marketing data, technology and solutions to the emergency rescue services China... His undergraduate degree from the University of San Francisco and an undergraduate degree yandai wang sos ltd settlement! Shall not be liable for any actions taken in reliance thereon SOS website, ( http: //www.sosyun.com/ received undergraduate... 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