NEW ORLEANS, Jan. 14, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 8, 2022 to file lead plaintiff applications in a securities class action lawsuit against Cloopen Group Holding Limited (NYSE:RAAS), if they purchased the Company’s securities between February 9, 2021 and May 10, 2021, inclusive (the “Class Period”) and/or purchased or otherwise acquired the Company’s American Depositary Shares (“ADSs”) pursuant to the Company’s February 2021 initial public offering (the “IPO”). This action is pending in the United States District Court for the Southern District of New York.
Cloopen Group investors should visit us at https://claimsfiler.com/cases/nyse-raas/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Cloopen and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company’s growth strategy was not working, and its existing customers were abandoning the Company (ii) an increasing number of the Company’s customers were refusing to pay, forcing it to record massive increases in its accounts receivables and allowance for doubtful accounts; (iii) the Company was weighed down by huge liabilities related to the fair value of certain recently-granted warrants; and (iv) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
The case is Dong v. Cloopen Group Holding Limited et al., No. 1:21-cv-10610.
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