Cloopen Group Holding Limited

Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Cloopen Group Holding Limited (NYSE: RAAS): (i) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s February 2021 initial public offering (the “IPO”); and/or (ii) between February 9, 2021 and May 10, 2021, inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 8, 2022.

If you purchased Cloopen securities during the Class Period and would like to join the action, please click “Join This Class Action.”

Class Period:Pursuant and/or traceable to the February 2021 IPO and/or February 9, 2021 through May 10, 2021
If you purchased Cloopen securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of the case:

According to the lawsuit, the IPO Registration Statement featured and/or defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

  • Cloopen’s growth strategy was allegedly not working;
  • Cloopen’s existing customers were abandoning the Company;
  • an increasing number of Cloopen’s customers were refusing to pay;
  • as a result, the Company was forced to record massive increases in its accounts receivables and allowance for doubtful accounts;
  • Cloopen was weighed down by huge liabilities related to the fair value of certain recently-granted warrants;
  • defendants continued to misrepresent the Company’s expansion strategy; and
  • Cloopen’s dollar-based net retention rate had tumbled in 4Q 2020.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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Company Name: Cloopen Group Holding Limited
Stock Symbol: RAAS
Class Period: Pursuant and/or traceable to the February 2021 IPO and/or February 9, 2021 through May 10, 2021
Court: United States District Court for the Southern District of New York

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Investors should carefully identify and select experienced counsel with a track record of success leading securities class actions. Often other firms issue press releases about class actions yet do not have comparable experience or resources.

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