LOS ANGELES–(BUSINESS WIRE)–$RAAS #RAAS—The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Cloopen Group Holding Limited (“Cloopen” or “the Company”) (NYSE: RAAS) violations of the federal securities laws.
Investors who purchased the Company’s American Depositary Shares (“ADSs”) pursuant and/or traceable to the Company’s initial public offering conducted in February 2021 (the “IPO”), or between February 9, 2021 and May 10, 2021, inclusive (the “Class Period”), are encouraged to contact the firm before February 8, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Cloopen’s so-called “land and expand” strategy was failing to attract customers. The Company was far from maintaining a “stable” net retention rate. The Company suffered an increasing number of customers who weren’t paying for its services at the time of the IPO, resulting in massive increases in its accounts receivable. Based on these facts, the Company’s public statements and IPO materials were false and materially misleading throughout the class period. When the market learned the truth about Cloopen, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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