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"). The company was founded by Zheng Yu Wang and Andrew Mason in 2001 and is headquartered in Qingdao, China. SOS has outlined its strategy in blockchain and cryptocurrency, including a series of measures to expand its business to cryptocurrency mining and cryptocurrency security and insurance. A Warner Bros. Mr. Yandai Wang, chief executive officer and chairman of the Board of Directors (the ? network. 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. Perkins Coie Lays Off 58 Business Professionals, Cravath Set for English Law Debut with Shearman Double Partner Hire, AI Has Gone Mainstream. Sos Ltd Bldg 6, E. Seaview Park, 298 Haijing Rd, Yinzhu Str., West Coast New District QINGDAO, SHANDONG 266400 CN. The Clerk's Office has made the appropriate changes. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Map Phone: +86 532 86617117 Fax: - https://service.sosyun.com Incorporated. 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.". Disclaimer. " 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. 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. . A more recent docket listing may be available from PACER . 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. About Us| At present, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in the future. 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. It focuses on the research and development of big data, cloud computing, Internet of Things, block chain and artificial intelligence. For more information regarding the Open House please refer to: open.sosyun.com or email: open@sosyun.com. 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 other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS. 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. SOS Ltd. . Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. The Company anticipates it will offer Open House Days from time to time. 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. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. The Center is designed to host super-computing servers inside mobile smart containers which are also called containerized data centers. Source: FactSet. He received an undergraduate degree from PLA Information Engineering University and an undergraduate degree from the University of San Francisco. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia. Why? Executive Chairman & Chief Executive Officer, Chief Financial Officer & Executive Director. SOS SOS Limited - ADR 85,810 $4.95 $0.24 (4.62%) Today $5.18 0.23 (4.65%) Pre-Market Market Cap $29.56M Volume (M) 871.00 52-Wk High $45.00 52-Wk Low $2.54 About Feed Sentiment Fundamentals News There is no chart data available for this period 1d 1w 1m 3m 6m 1y All Sentiment Score Message Volume Score Disclaimer: This is informational only. Join New Jersey Law Journal now! Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Site Map, Advertise| 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. All rights reserved. U.S. District Court for the District of New Jersey Judge Assigned Hon. Access additional case information on PACER The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. SOS remains committed to its block-chain strategy and strive to become a sustainability leader in the industry. 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. 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 . Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. Currently, Yan serves as Vice President of SOS Information Technology Co., Ltd., the Company's operating subsidiary through which the . Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. 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. SOS LimitedSOS . There are 1 older and no younger executives at SOS. Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. 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. Source: Kantar Media, Executive Chairman & Chief Executive Officer. Yandai Wang. 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. The majority of SOS' China operations, namely, its insurance businesses, call centers and ethereum mining businesses, remain unaffected and fully operational. In response to developments in the laws and regulations pertaining to blockchain operations in China, SOS has begun shifting its bitcoin mining operations to the U.S. 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. 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. 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. Bloomberg Markets Americas. 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. 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. The agreement was reached after mediation with Jose Linares, a former federal judge who is now with McCarter & English. 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. Trending on Pulse 2.0. 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 initial step of Phase I of the Center is complete. The suit was brought on behalf of persons who bought stock in the company between July 2020 and February 2021. 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. International stock quotes are delayed as per exchange requirements. 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. 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. Executive Summary. This will add more jobs and support the local economy.". SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services. Since April 2021, we have carried out commodity transactions through our subsidiary SOS International Trading Co., Ltd. (the core infrastructure of SOS marketing data). Through today, the company has deployed its own 700 sets of rigs to mining production pool. We will launch more mining rigs as we sign additional contracts. There are 1 older and no younger executives at SOS. Both options are priced the same. 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. Board ?) All rights reserved. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. These containers hold the complete technological infrastructure of a classic data center, but are housed in a steel container. Your article was successfully shared with the contacts you provided. may be available from PACER. 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"). When typing in this field, a list of search results will appear and be automatically updated as you type. The report called for allocation of $1.7 million from the settlement fund for legal fees and costs. More such rigs will go online as the company secures more power supply from electricity providers . from 8 AM - 9 PM ET. Our Team Account subscription service is for legal teams of four or more attorneys. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. This provides for the operation of up to 2,500 super-computing servers. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. 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. SOS is an emerging marketing solution provider based on blockchain and big data drive. 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. Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of the company's plan. Last updated: 1 January 2023 at 11:00am EST. Attorneys from Faegre Drinker Biddle & Reath represented SOS and co-defendants Yandai Wang and Eric Yan. 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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. Over 680 client hosted servers have been deployed in mobile smart containers to date. Comprehensive performance, salary and tenure analysis for the CEO, board and leadership team. The two companies will inject $9.1 million in the venture . SOS Limited, a technology company, provides marketing data, technology, and solutions for emergency rescue services to corporate and individual members. All Rights Reserved. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. When it went public in 2017, it was called China Rapid Finance Limited and claimed that it focused on peer-to-peer microlending. Investors suffered losses when the price of SOSs American Depositary shares fell by 21%, or $1.27 per share, in February 2021. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Kimberly Beltran v. SOS Ltd. et al: Class Action Complaint. We will launch more mining rigs as we sign additional contracts with . sos SOSAI+++ SOS Limited is based Qingdao, the People's Republic of China. Disclaimer: This content is intended for informational purposes. We continue to explore the possibility of acquisition of Niagara Development, Sherman Development LLC, and Park Falls Management LLC. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services. 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. All rights reserved. SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company . Currently SOS has 31 mobile smart containers in Wisconsin. Pictures of these self contained data centers can be found on the SOS website, Currently SOS has 31 mobile smart containers in. 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. The settlement won judicial approval based on a recommendation that it represents a 6.5% recovery of the optimal damages amount. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? 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. Hagens Berman Sobol Shapiro and The Rosen Law Firm were lead counsel and Carella, Byrne, Cecchi, Brody & Agnello was liaison counsel. 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. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. As a result, caution must be exercised in relying on forward-looking statements. Change value during other periods is calculated as the difference between the last trade and the most recent settle. "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. All rights reserved. As a result, SOSs public statements were false and misleading, the suit said. 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. Yandai Wang, Chairman of SOS, commented, "SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance and other industries. Litigation Surges as Auto-Finance Companies Sue Over Towing, Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 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. Defendant Yandai Wang ("Wang") has served as SOS's Executive Chairman and Chief Executive Officer at all relevant times. (dd, ). Learn about SOS Limited (SOS) stock's management team. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. 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