RAAS LAWSUIT: The Law Offices of Vincent Wong Notify Investors of a Class Action Lawsuit Involving Cloopen Group Holding Limited

January 26, 2022 11:01 AM EST | Source: Vincent Wong Esq.

New York, New York--(Newsfile Corp. - January 26, 2022) - The Law Offices of Vincent Wong announce that a class action lawsuit has commenced in the on behalf of investors who purchased Cloopen Group Holding Limited ("Cloopen") (NYSE: RAAS). 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..

If you suffered a loss, contact us at the link below. There is no cost or obligation to you.
https://www.wongesq.com/pslra-1/cloopen-group-holding-limited-loss-submission-form?prid=22482&wire=5.

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Allegations against RAAS include that the Company made 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.

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.

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111748

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