Renren (NYSE:RENN) stock is falling hard on Thursday following an update on a $300 million court case against the Facebook of China.
The court case has to do with a settlement in derivative litigation for holders of RENN stock. This is connected to a prior lawsuit against leaders of the company for allegedly syphoning funds from its investment portfolio to their own pockets.
Judge Andrew Borrok weighed in on the court case via a teleconference. The judge’s stance is current investors in RENN stock don’t need a settlement since the alleged activity above happened in 2018. Even so, it looks like another meeting will take place next month to go over the matter further, reports Seeking Alpha.
It’s worth pointing out that RENN stock rocketed higher when the current court case was announced by in October. That saw share prices rise some 44%. Today, we’re seeing those prices fall back to prices much closer to what they were before the case was announced.
The comments from the judge today are hammering RENN stock and heavy trading is also taking place. As of this writing, more than 1 million shares of the company’s stock have traded hands. To put that in perspective, Renren’s daily average trading volume is closer to 248,000 shares.
RENN stock is down 46.1% as of Thursday afternoon but is still up 195.6% since the start of the year.
Investors on the lookout for more recent stock market news are in the right place!
InvestorPlace has all the latest stock market coverage that traders need to know about for Thursday. A few examples include Ocugen (NASDAQ:OCGN) stock jumping on an FDA update, a midday market update covering why stocks are down today, as well as a short report from Hindenburg Research hitting Tecnoglass (NASDAQ:TGLS) shares today. You can learn more about these topics by following the links below!
More Stock Market News for Thursday
- OCGN Stock Pops on Key FDA News. Here’s What to Know.
- Midday Market Update: Why Are Stocks Down Today?
- TGLS Stock Alert: What to Know About the Short Report Tanking Tecnoglass Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.