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NEW ORLEANS, Dec. 13, 2021 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 8, 2022 to file lead plaintiff applications in a securities class action lawsuit against Cloopen Group Holding Limited (NYSE: RAAS), if they purchased the Company's securities between February 9, 2021 and May 10, 2021, inclusive (the "Class Period") and/or purchased or otherwise acquired the Company's American Depositary Shares ("ADSs") pursuant to the Company's February 2021 initial public offering (the "IPO"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased securities or ADSs of Cloopen as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-raas/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by February 8, 2022.
About the Lawsuit
Cloopen and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company's growth strategy was not working, and its existing customers were abandoning the Company (ii) an increasing number of the Company's customers were refusing to pay, forcing it to record massive increases in its accounts receivables and allowance for doubtful accounts; (iii) the Company was weighed down by huge liabilities related to the fair value of certain recently-granted warrants; and (iv) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
The case is Dong v. Cloopen Group Holding Limited et al., No. 1:21-cv-10610.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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