NEW YORK, Jan. 10, 2022 /PRNewswire/ — The following statement is being issued by Levi & Korsinsky, LLP: To: All persons and entities that purchased or otherwise acquired: (a) Cloopen Group Holding Limited (“Cloopen” or the “Company”) (NYSE: RAAS) 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) between February 9, 2021 and May 10, 2021, inclusive. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500. There is no cost or obligation to you.
Cloopen Group Holding Limited NEWS – RAAS NEWS
CASE DETAILS: According to the lawsuit, throughout the Class Period defendants made 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 SHAREHOLDERS: 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.
NO COST TO YOU: If you purchased Cloopen in the Company’s initial public offering and/or between February 9, 2021 and May 10, 2021, you may be entitled to compensation without payment of any out-of-pocket costs or fees.
PROTECT YOUR FINANCIAL INTERESTS: Complete this brief submission form https://www.zlk.com/pslra-1/cloopen-group-holding-limited-loss-submission-form?wire=4 or call 212-363-7500 to discuss the case with Joseph E. Levi, Esq.
WHY LEVI & KORSINSKY: Levi & Korsinsky have a proven track record of winning cases worth hundreds of millions of dollars for shareholders over a 20-year period. We represent and fight for shareholders who have been wronged by corporations.
Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington, D.C. The Firm’s Founding Partners, Joseph Levi and Eduard Korsinsky, have been representing shareholders and institutional clients for almost 20 years and have achieved remarkable results for clients in the U.S. and internationally. The firm, with more than 70 employees, is committed to fostering, cultivating and preserving a culture of diversity, equity and inclusion for employees and those that we represent. Our attorneys have extensive expertise representing investors in securities litigation with a track record of recovering hundreds of millions of dollars in cases. Levi & Korsinsky was ranked in Institutional Shareholder Services’ (“ISS”) SCAS Top 50 Report for 7 years in a row as a top securities litigation firm in the United States. The SCAS Top 50 Report identifies the top plaintiffs’ securities law firms in the country, and year after year, ISS has recognized Levi & Korsinsky as a leading firm in the area of securities class action litigation.
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