NEW YORK, Feb. 1, 2022 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Cloopen Group Holding Limited (NYSE: RAAS) alleging that the Company violated federal securities laws.
This lawsuit is on behalf of all persons who: (a) purchased or otherwise acquired Cloopen American Depositary Shares pursuant and/or traceable to the Company's February 2021 initial public offering; and/or (b) purchased or otherwise acquired Cloopen securities between February 9, 2021 and May 10, 2021.
Lead Plaintiff Deadline: February 8, 2022
No obligation or cost to you.
Learn more about your recoverable losses in RAAS:
Cloopen Group Holding Limited NEWS - RAAS NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Cloopen Group Holding Limited made materially false and/or misleading statements and/or failed to disclose that: an increasing number of Cloopen customers were refusing to pay, forcing the Company to record massive increases in its accounts receivables and allowance for doubtful accounts. The documents issued in connection with the Company's initial public offering also failed to disclose that Cloopen was weighted down by massive liabilities related to the fair value of certain recently-granted warrants.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Cloopen you have until February 8, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Cloopen securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the RAAS lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link:
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
[email protected]
Telephone: (212) 616-4899
SOURCE The Klein Law Firm