NEW
YORK, Feb. 4, 2022 /PRNewswire/
-- Jakubowitz Law announces that a securities fraud class
action lawsuit has commenced on behalf of shareholders of Cloopen
Group Holding Limited (NYSE: RAAS).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/cloopen-group-holding-limited-loss-submission-form/?id=23312&from=4
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.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
February 8, 2022 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to a filed complaint, Cloopen Group Holding Limited
issued 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.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law