Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline in Securities Fraud Class Action Lawsuit Filed Against Cloopen Group Holding Limited

CLICK HERE TO SUBMIT YOUR CLOOPEN LOSSES

DEADLINES OF THE LEADING APPLICANT: February 8, 2022

SCHOOL LESSON: February 9, 2021 through May 10, 2021

CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Duty free (844) 887-9500 or email at [email protected]

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

on February 9, 2021, Cloopen went public (“IPO”) and sold 23 million American Depositary Shares (“ADSs”) $ 16.00 per ADS. Then, on March 26, 2021, Cloopen released its fourth quarter 2020 financial results for the end of the reporting period December 31, 2020. Cloopen reported sales of only $ 39.6 million ($ 2 million under the consensus of analysts) as well as net losses of $ 46.8 million (466.9% more than last year) and operating costs of $ 27.6 million (an increase of 30% compared to the fourth quarter of 2019). In response to his alarming net loss, Cloopen made a “change in the fair value of warrant liabilities from … $ 34.4 million. “In relation to the 59.2% increase in general administrative expenses, Cloopen requested” an increase in the provision for doubtful accounts due to increased trade accounts receivable “. $ 2.67 per ADS or 18.52% to at. close $ 11.75 per ADS March 26, 2021.

Then, on May 10, 2021, Cloopen share price fell again as the company released its 2020 annual report, announcing for the first time that its dollar-based net retention rate for recurring solutions rose from 102.7% in 2019 to 86.8% by year-end 2020 was down, Cloopens ADS price has fallen $ 0.62 per ADS, or 6.47% to close at $ 8.97 per ADS May 12, 2021.

WHAT CAN I DO?
Cloopen feeders can open no later than February 8, 2022, attempt to be appointed as lead class representative by Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Cloopen investors who have suffered significant losses to contact the company directly for more information.

CLICK HERE TO SIGN UP FOR THE CASE

Who can be a lead plaintiff?
A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. The main 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 an attorney to represent the lead plaintiff and the group, and those attorneys, if approved by the court, are lead or class plaintiffs. Your ability to participate in a recovery will not be affected by whether or not you wish to be the lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class action lawsuits in state and federal courts across the country and worldwide. The company has earned a worldwide reputation for excellence and reclaimed millions of dollars for victims of corporate fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by companies and trustees. Ultimately, we succeeded if the bad guys pay and you get your wealth back. The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
280 König-von-Preußen-Strasse
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]

SOURCE Kessler Topaz Meltzer & Check, LLP

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