NEW YORK, Jan. 26, 2022 /PRNewswire/ -- The Gross Law Firm, securities class action litigators, issues the following notice to shareholders of Cloopen Group Holding Limited.
Shareholders 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, 2021are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
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ALLEGATIONS: The complaint alleges that during the class period, Defendants 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.
DEADLINE FEBRUARY 8, 2022: Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/cloopen-group-holding-limited-loss-submission-form/?id=22570&from=4
NEXT STEPS FOR SHAREHOLDERS:Once you register as a shareholder who purchased shares of RAAS during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM?The Gross Law Firm's mission is to protect the rights of all investors who have suffered as the result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. Our team puts in the work to get the maximum recovery on behalf of investors. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:The Gross Law Firm15 West 38th Street, 12th floor New York, NY, 10018Email: email@example.com Phone: (646) 453-8903
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SOURCE The Gross Law Firm