Why Are Renren Shares Trading Higher Today?

Litigation powerhouse Reid Collins & Tsai LLP announced the terms of a direct pay cash settlement totaling a minimum of $300 million and resolving the Renren Inc RENN in a case titled In re Renren, Inc. Derivative Litigation.
A highly unusual series of interrelated transactions through which Renren's allegedly corrupt insiders took Renren's investment portfolio for themselves in 2018 to the detriment of minority shareholders triggered the lawsuit.
The complaint focuses on alleged breaches of fiduciary duty in connection with the transfer of Renren's most valuable assets, including a substantial stake in fast-growing lender Social Finance, Inc (SoFi) for far less than fair market value to a private company, Oak Pacific Investments (OPI).
OPI is owned and controlled by Renren's CEO Joseph Chen and other controlling shareholders.
Price Action: RENN shares traded higher by 45.80% at $24.20 on the last check Friday.