The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors in Cloopen Group Holding Limited (NYSE: RAAS) who purchased: (a) American Depositary Shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s February 2021 initial public offering; and/or (b) securities between February 9, 2021 and May 10, 2021, inclusive.
According to the Cloopen lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: an increasing number of its customers were refusing to pay, forcing the Company to record massive increases in its accounts receivables and allowance for doubtful accounts. The Registration Statement also failed to disclose that Cloopen was weighted down by massive liabilities related to the fair value of certain recently-granted warrants.
If you suffered a loss in Cloopen you have until February 8, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn\’t require that you serve as a lead plaintiff.
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