Levi & Korsinsky, LLP announces that a RAAS class action lawsuit has been filed on behalf of investors who purchased Cloopen Group Holding Limited (RAAS) (a)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. For more on the RAAS Lawsuit please contact us today.
According to the Cloopen lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: 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 its customers were refusing to pay, forcing the Company to record massive increases in its accounts receivables and allowance for doubtful accounts. The Registration Statement also failed to disclose that Cloopen was weighed down by massive liabilities related to the fair value of certain recently-granted warrants.
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.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171