Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Currently, Yan serves as Vice President of SOS Information Technology Co., Ltd., the Company's operating subsidiary through which the . 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. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. CNN Sans & 2016 Cable News Network. As a result, SOSs public statements were false and misleading, the suit said. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia. The defendants are located in China, and enforcing a judgment in China is very, very difficult, the magistrate wrote. Chairman & CEO of SOS since . It is also engaged in blockchain and cryptocurrency business. Don't miss the crucial news and insights you need to make informed legal decisions. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Mr. Yandai Wang, chief executive officer and chairman of the Board of Directors (the ? Why? 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. A Warner Bros. That firms Sandra Grannum declined to comment on the settlement. 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. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. He received an undergraduate degree from PLA Information Engineering University and an undergraduate degree from the University of San Francisco. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? may be available from PACER. For more information, visit: http://www.sosyun.com/ . 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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. A company operating what analysts said was a pump and dump cryptocurrency mining scheme settled a securities class action brought on behalf of investors for $5 million. Current positions of Yandai Wang 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. These containers hold the complete technological infrastructure of a classic data center, but are housed in a steel container. 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. 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. 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. 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 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. International stock quotes are delayed as per exchange requirements. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. 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. 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.. 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"). 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. It focuses on the research and development. Defendant Dr. Eric H. Yan ("Yan") was hired by SOS on January 6, . 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. 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. SOS' SEC filings are available publicly on the SEC's website at www.sec.gov. 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. 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. SOS may not realize its expectations, and its beliefs may not prove correct. network. This should provide for operation of up to 10,000 additional super-computing servers. 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. (Podcast). We continue to explore the possibility of acquisition of Niagara Development, Sherman Development LLC, and Park Falls Management LLC. Currently, Yandai Wang is Executive Chairman & Chief Executive Officer for SOS Ltd. and Chairman & Chief Executive Officer at Sos Information Technology Co., Ltd. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. This docket was last retrieved on January 19, 2023. Executive Chairman & Chief Executive Officer . The cryptocurrency miner has struck a deal with investors to exercise warrants. U.S. District Court for the District of New Jersey Judge Assigned Hon. 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. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. SOS Limited is based Qingdao, the People's Republic of China. 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. 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 forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Pictures of these self contained data centers can be found on the SOS website, (http://www.sosyun.com/). Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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 suit was brought on behalf of persons who bought stock in the company between July 2020 and February 2021. Factset: FactSet Research Systems Inc.2019. 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. SOS Ltd. . All Rights Reserved. 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. . In addition, SOS announced that on the 27th of June, 2022 it will host a Super-computing Center Open House Day. Last updated: 1 January 2023 at 11:00am EST. 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