Renren Audit-Panel Head Resigns as IPO Nears

Chinese online social-networking company Renren Inc. suffered another embarrassment ahead of its public listing in the U.S., after a member of its board who heads its audit committee said he had resigned following allegations of fraud against a company where he works as a senior executive.

The move comes after Renren, often called “the Facebook of China,” last week revised a key user number in its listing prospectus after some observers questioned the accuracy of the company’s figures.

The revision meant the unique user base at Renren.com rose 19% in the first quarter from the prior quarter, compared with a previously reported rate of 29%, though the company’s most recent number of users remained the same. The episode highlighted the murkiness of data among China’s high-flying Internet companies just as a long string of companies in the sector seek initial public offerings of stock in the U.S.

Read the rest of this post on the original site »


Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »