Although at this point, we do not have any definitive agreement for such acquisition, we remain optimistic about our strategic expansion in North America.". 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. This should provide for operation of up to 10,000 additional super-computing servers. The stock price of Sos Ltd (NYSE: SOS) is trading at over 2% pre-market today. All rights reserved. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. Fundamental company data and analyst estimates provided by FactSet. 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. 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. 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. Executive Chairman & Chief Executive Officer . 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. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. At present, it includes cryptocurrency mining and may be extended to cryptocurrency security and insurance in the future. This docket was last retrieved on January 19, 2023. " 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. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. 7 17. 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. "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. 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 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 . 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. Age Mr Wang Mr Li 0 20 40 60 wallmine.com What does SOS do? 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. Copyright 2023 ALM Global, LLC. Copyright 1997-2022 OffshoreAlert. Please refer to the Attorney Case Opening Guide for processing electronically filed cases. 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. SOS Ltd - UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of December 2022 Commission File Number: 001-3 - 6-K - December 06, 2022 . 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. SOS warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. 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. 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. 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. Site Map, Advertise| Why? 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. Over the past nine months, SOS management and its US team have been diligently developing its Super-Computing and Hosting Center in Wisconsin. Access will be granted to all successfully registered visitors. (dd, ). Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. SOS is a new high-tech company with artificial intelligence and blockchain as its core technologies. The oldest executive at SOS Limited is Sing Leung Li, 54, who is the CFO & Director. We will launch more mining rigs as we sign additional contracts with third parties. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. network. When typing in this field, a list of search results will appear and be automatically updated as you type. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! 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. 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. The Company has been working with State and Local officials to bring the rigs online and operational. SOS will be responsible for the management, operations and financing of the joint venture. 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. 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. Executive Summary. . SOS Limited is based Qingdao, the People's Republic of China. All rights reserved. Mr Wang is 43, he's been the Exec. 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. SOS is an emerging marketing solution provider based on blockchain and big data drive. Trending on Pulse 2.0. Investors suffered losses when the price of SOSs American Depositary shares fell by 21%, or $1.27 per share, in February 2021. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Yandai Wang is the Exec. 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. . 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.". We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? 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. Under the agreement, the new joint venture will be called SOS Ronghe Digital Technology Co., Ltd., aka SOS Ronghe. Currently SOS has 31 mobile smart containers in Wisconsin. AIT 1132021. According to the suit, SOS purports to be a technology company that provides marketing data, technology and solutions for emergency rescue services. 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. ("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. 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. 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. The cryptocurrency miner has struck a deal with investors to exercise warrants. The Clerk's Office has made the appropriate changes. But Pascal wrote that the$5 million settlement was reasonable for several reasons. International stock quotes are delayed as per exchange requirements. Disclaimer. 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. https://www.law.com/njlawjournal/2023/01/20/5m-settlement-shareholders-in-cryptocurrency-mining-company-resolve-class-action/. Kimberly Beltran v. SOS Ltd. et al: Class Action Complaint. 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 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. Pictures of these self contained data centers can be found on the SOS website, (http://www.sosyun.com/). The settlement represents a recovery of 6.5% of $76 million, which is the best-case scenario for recovery ofdamages by the class. SOS may not realize its expectations, and its beliefs may not prove correct. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. 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. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. The report called for allocation of $1.7 million from the settlement fund for legal fees and costs. All Rights Reserved. SOS Ltd. . 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. This represents progress on another step in SOS' strategy to build out its North America operations. 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. Based on our data team's research, Yandai Wang is the The SOS Group's CEO. 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. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 3 patents. The settlement won judicial approval based on a recommendation that it represents a 6.5% recovery of the optimal damages amount. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services. A more recent docket listing Don't miss the crucial news and insights you need to make informed legal decisions. Defendant Dr. Eric H. Yan ("Yan") was hired by SOS on January 6, . We will launch more mining rigs as we sign additional contracts with . 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. There are 1 older and no younger executives at SOS. Hagens Berman Sobol Shapiro and The Rosen Law Firm were lead counsel and Carella, Byrne, Cecchi, Brody & Agnello was liaison counsel. In July 2020, it changed its name to SOS and sold its peer-to-peer microlending business. 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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 . 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. Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms financials, staffing, clients, news and events. 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. 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. 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. 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. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 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. 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. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. 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. Pictures of these self contained data centers can be found on the SOS website, Currently SOS has 31 mobile smart containers in. Mr. Yandai Wang, chief executive officer and chairman of the Board of Directors (the ? Yandai Wang, Chairman of SOS, commented, "SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance and other industries. The core infrastructure of SOS' marketing data, technology and solutions to insurance and emergency rescue services is built on big date, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. CNN Sans & 2016 Cable News Network. Bloomberg Markets Americas. 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. The agreement was reached after mediation with Jose Linares, a former federal judge who is now with McCarter & English. . 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. 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. 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. 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 has created a cloud "software as a service (SaaS)" platform for emergency rescue services. SOS has signed multiple agreements for hosting and managing more than 21,000 mining rigs. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. He received his undergraduate degree from the University of San Francisco and an undergraduate degree from PLA Information Engineering University. Through today, the company has deployed its own 700 sets of rigs to mining production pool. 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. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Discovery Company. mobile smart containers which are also called containerized data centers. 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. 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. Since. Data may be intentionally delayed pursuant to supplier requirements. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. We will launch more mining rigs as we sign additional contracts. Yandai Wang, Chairman of SOS, commented, "SOS continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance and other industries. As a result, SOSs public statements were false and misleading, the suit said. Attorneys from Faegre Drinker Biddle & Reath represented SOS and co-defendants Yandai Wang and Eric Yan. Learn about SOS Limited (SOS) stock's management team. These containers hold the complete technological infrastructure of a classic data center, but are housed in a steel container. All rights reserved. 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. Mr Wang is 43, he's been the Exec. It has about 20 million members 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. All rights reserved. Attorneys from the other firms did not respond to requests for comment. 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. 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. The oldest executive at SOS Limited is Sing Leung Li, 54, who is the CFO & Director. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. 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. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. We continue to explore the possibility of acquisition of Niagara Development, Sherman Development LLC, and Park Falls Management LLC. Defendant Yandai Wang ("Wang") has served as SOS's Executive Chairman and Chief Executive Officer at all relevant times. SOS is an emerging marketing and solution provider based on blockchain and big data. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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