Sherman Sends Letter to SEC Chair with Inquiry Regarding Renren Treatment of Shareholders, SPAC Public Offerings

Washington, D.C. – Today, Congressman Sherman sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler regarding actions taken by Renren executives at the cost of company shareholders, as well as the involvement of Renren CEO, Joseph Chen, in the recent public listing via special purpose acquisition company (SPAC) by SoFi. In this letter, Congressman Sherman seeks information related to SEC oversight as it relates to activities carried out by Renren leadership as well as whether the Commission has the tools necessary to effectively protect investors.

A copy of the letter is available here.