Derek Palaschuk,?chair of the audit committee for social networking Website Renren Inc has resigned after investigation was conducted in Longtop Financial Technologies where he acts as chief financial officer.

Renren is seeking an IPO on Nasdaque to raise about $690.3 millione. Palaschuk was an independent director for Renren, responsible for chairing its audit committee.

Longtop, a company providing software and services to financial institutions in China, faced an investigation over possible violations of Federal Securities Laws.