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.
