Lead Plaintiff Deadline Approaching: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Securities Fraud Class Action Lawsuit Filed Against Cloopen Group Holding Limited | National News

RADNOR, Pa., January 29, 2022 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) is informing investors that a securities class action lawsuit has been filed against Cloopen Group Holding Limited (“Cloopen”) (NYSE: RAAS). The lawsuit alleges Cloopen’s violations of federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. As a result of Cloopen’s materially misleading statements to the public, Cloopen investors have suffered significant losses.

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LIMIT FOR THE PLAINTIFF: February 8, 2022

LESSON: February 9, 2021 through May 10, 2021

CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:

James Maro, Esq. (484) 270-1453 or duty free (844) 887-9500 or email [email protected]

CLOOPENS ALLEGED MISCONDUCT

Cloopen provides cloud-based communications solutions that enable programming interfaces and software development kits to embed messaging, voice calls, audio and video, instant messaging and other communications into an organization’s applications, services and/or business processes.

on February 9, 2021Cloopen conducted its initial public offering (“IPO”) and sold 23 million American Depositary Shares (“ADSs”) $16.00 via ADS. Then further March 26, 2021Cloopen released its financial results for the fourth quarter of 2020 for the period now ended December 31, 2020. Cloopen reported sales of just $39.6 million (2 million dollars nearing analyst consensus) and net losses of $46.8 million (an increase of 466.9% year-on-year) and operating expenses of $27.6 million (a 30% increase over the fourth quarter of 2019). In response to its alarming net loss, Cloopen made a “change in the fair value of warrant liabilities from… $34.4 million.” Regarding the 59.2% increase in G&A expenses, Cloopen claimed “an increase in the provision for bad debts resulting from the increase in accounts receivable.” Following the news, Cloopen’s ADS price fell $2.67 per ADS or 18.52% at the close $11.75 via ADS March 26, 2021.

Then further May 10, 2021, Cloopen’s share price fell again as the company released its 2020 annual report and revealed for the first time that its dollar-based net retention rate for recurring solutions had fallen from 102.7% in 2019 to 86.8% at the end of 2020 . After this news , Cloopen’s ADS price fell $0.62 per ADS or 6.47% at the end $8.97 via ADS May 12, 2021.

WHAT CAN I DO?

Conclude Investors can not later than February 8, 2022, seek to be appointed lead plaintiff representative in the class action by Kessler Topaz Meltzer & Check, LLP or other counsel, or may elect to do nothing and remain an absentee class plaintiff. Kessler Topaz Meltzer & Check, LLP encourages Cloopen investors who have suffered material losses to contact the company directly for more information.

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Who can be a lead plaintiff?

A Lead Plaintiff is a representative party acting on behalf of all Group Members in conducting the litigation. The lead plaintiff is usually the investor or small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and class, and such attorneys, where permitted by the court, are principal or class counsel. Your ability to participate in a recovery will not be affected by the decision whether or not to serve as Lead Plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP

Kessler Topaz Meltzer & Check, LLP is pursuing class action lawsuits in state and federal courts across the country and around the world. The company has built an excellent reputation around the world, recovering billions of dollars from victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, wrongdoing and negligence on the part of companies and fiduciaries. At the end of the day, if the bad guys pay and you get your fortune back, we’re done. The action in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Additional information about Kessler Topaz Meltzer & Check, LLP is available at www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP

James Maro, Jr., Esq.

280 König-von-Prussia-Strasse

Radnor, PA 19087

(844) 887-9500 (toll free)

[email protected]

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SOURCE Kessler Topaz Meltzer & Check, LLP

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