RAAS Cloopen Group Holding Limited

NEW YORK, Oct. 23, 2023 /PRNewswire/ --

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK: COMMERCIAL DIVISION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND
PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING;
AND (III) MOTION FOR ATTORNEYS' FEES AND LITIGATION EXPENSES

TO:     All persons and entities who purchased or otherwise acquired the publicly traded American Depositary Shares of Cloopen Group Holding Limited ("Cloopen") (NYSE ticker symbol: "RAAS") pursuant or traceable to the Offering Documents and/or during the period between February 9, 2021 (the date of the IPO) and May 10, 2021, inclusive (the "Class Period") and were damaged thereby (the "Settlement Class")¹:

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Article 9 of the New York Civil Practice Law and Rules and an Order of the Supreme Court of the State of New York, New York County, Commercial Division (the "Court"), that the above-captioned litigation (the "Action") is pending in the Court.

YOU ARE ALSO NOTIFIED that the plaintiff in this Action, Sonny St. John (the "State Plaintiff"), together with lead plaintiff Guozhang Wang (the "Federal Plaintiff") in a related action captioned Dong v. Cloopen Group Holding Limited, et. al., Case No. 1:21‑cv‑10610-JGK (S.D.N.Y.) (the "Federal Action"), have reached a proposed settlement of both Actions for $12,000,000 in cash on behalf of the Settlement Class, that, if approved, will resolve all claims in both Actions.

A hearing will be held on January 23, 2024 at 10:30 a.m. Eastern Time, before the Honorable Andrew Borrok, either in person at the New York County Courthouse, Courtroom 238, 60 Centre Street, New York, NY 10007, or by telephone or videoconference (at the discretion of the Court). At the hearing, the Court will determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation of Settlement dated as of August 16, 2023 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Plaintiffs' Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses should be approved.  Please check the settlement website to confirm that hearing date. 

If you are a member of the Settlement Class (a "Settlement Class Member"), your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator, c/o A.B. Data P.O. Box 173025, Milwaukee, WI 53217, 1-866-778-9470. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator at www.CloopenSecuritiesLitigation.com.

If you are a Settlement Class Member, to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked (if mailed), or online, no later than February 14, 2024, in accordance with the instructions set forth in the Claim Form. If you  are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any releases, judgments, or orders entered by the Court in the Action.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than December 26, 2023, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action, and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Plaintiffs' Counsel's Fee and Expense Application, must be filed with the Court and delivered to Class Counsel and Defendant Cloopen's Counsel such that they are received no later than January 2, 2024, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Cloopen, the other Defendants, or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Claims Administrator.

Inquiries may be made to the Claims Administrator at www.CloopenSecuritiesLitigation.com, or to Settlement Class Counsel:

The Notice and Proof of Claim may be downloaded from the www.CloopenSecuritiesLitigation.com or requested from the Claims Administrator at:

Cloopen Securities Litigation
c/o A.B. Data
P.O. Box 173025
Milwaukee, WI 53217
1-866-778-9470
www.CloopenSecuritiesLitigation.com 

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SOURCE Scott+Scott Attorneys At Law LLP and Berger Montague PC