This official website is maintained by the Claims Administrator supervised by Plaintiffs' Class Counsel in the action entitled St. John v. Cloopen Group Holding Limited, et al., Index No. 652617/2021 (the “State Action”) pending in the Supreme Court of the State of New York, County of New York, Commercial Division (the “Court” or “State Court”) and (ii) Dong v. Cloopen Group Holding Limited, et. al., Case No. 1:21-cv-10610-JGK-RWL (S.D.N.Y.) (the “Federal Action”), filed in the U.S. District Court for the Southern District of New York (the “Federal Court”).
A Settlement Related Hearing is scheduled before the State Court on July 18, 2024 at 10:00 A.M. ET
The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Settlement of Class Action, which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.
Please also be advised that the Court-appointed Class Counsel Scott+Scott Attorneys at Law LLC and Berger Montague PC (“Plaintiffs' Class Counsel”), on behalf of Plaintiffs and the Settlement Class, have reached a proposed settlement of the Action for $12,000,000 in cash (“Settlement”).
If you are a member of the Settlement Class, your legal rights will be affected whether you act or do not act and you may be eligible for a payment from the Settlement. The Settlement Class consists of:
All persons and entities purchased or otherwise acquired American Depositary Shares (“ADS”) of Cloopen Group Holding Limited (“Cloopen” or the “Company”)
pursuant or traceable to the F-1 registration statement (including all amendments made thereto) and related prospectus on Form 424B4 (collectively,
the “Registration Statement”) issued in connection with Cloopen’s February 9, 2021 initial public stock offering (the “IPO” or “Offering”) or otherwise
acquired Cloopen securities between February 9, 2021 and May 10, 2021, inclusive.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT | |
|---|---|
| SUBMIT A CLAIM FORM BY FEBRUARY 14, 2024 | The only way to get a payment is to submit a valid Proof of Claim. Proofs of Claim must be postmarked or submitted online by February 14, 2024. See response to question 11 of the Notice. |
| EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY DECEMBER 26, 2023 |
You will receive no payment if you exclude yourself from the Settlement. However, this is the only option that allows
you to ever be part of any other lawsuit against the Defendants or any of the other Released Defendants’ Parties
regarding the legal claims in this case. Requests for Exclusion must be received by December 26, 2023. See response to question 14 of the Notice. |
| OBJECT BY JANUARY 2, 2024 | You may write to the State Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees, costs, and expenses. You will still be a member of the Settlement Class even if you file an objection. Objections must be received by counsel by January 2, 2024. See response to question 19 of the Notice. |
| ATTEND THE HEARING ON JANUARY 23, 2024 AT 10:30 A.M. ET | You may ask to speak during the Settlement Hearing before the State Court about the fairness of the Settlement. Requests to speak must be received by counsel by January 2, 2024. See responses to questions 21-23 of the Notice. |
| DO NOTHING. | If you do nothing, you will not receive any payment and you will not be able to ever be part of any other potential lawsuit against the Defendants or any other Released Defendants’ Parties regarding the legal claims in this case. |
Please read the Notice carefully to fully understand your rights and options.
If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form (with the required supporting documentation) postmarked (if mailed), or online via this website, no later than February 14, 2024 .
Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved and the processing of all claims is complete. Please be patient, as this process will take some time to complete.
If you have questions, you may call the Cloopen Securities Settlement Helpline at (866)-778-9470 or email info@CloopenSecuritiesLitigation.com