Social networking company Renren Inc. has run into another public relations roadblock ahead of its New York listing, as allegations of fraud were leveled against another company one of its board members works for, the Wall Street Journal reports. The board member, Derek Palaschuk, an independent director and chairman of Renren’s audit committee, also serves as chief financial officer of Chinese software company Longtop Financial Technologies (LFT.NYSE). Longtop was accused of financial fraud last week in a report issued by Citron Research, allegations that Palaschuk said were “without substance.” Palaschuk said he had resigned from Renren to avoid bringing any unwarranted attention to the company, and that the move doesn’t reflect any concern about Renren’s financial statements. Last week, the social networking company lowered its growth estimate for unique users to 19% in the first quarter compared with the previous quarter, down from a previously reported growth rate of 29%, after observers questioned the accuracy of the figure. Renren plans to raise up to US$743 million in the offering on the New York Stock Exchange. The company boosted its price range by US$3 on Friday to between US$12-14, reflecting strong demand for Chinese Internet start-ups.