An investigation on behalf of investors of Cloopen Group Holding Limited (NYSE: RAAS) shares over potential securities laws violations by Cloopen Group Holding Limited and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Cloopen Group Holding Limited (NYSE: RAAS) concerning whether a series of statements by Cloopen Group Holding Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

China based Cloopen Group Holding Limited, through its subsidiaries, provides cloud-based communications solutions in the People's Republic of China. Cloopen Group Holding Limited reported that its annual Total Revenue rose from over 650.28 million CNY in 2019 to 767.68 million CNY in 2020, and that its Net Loss increased from 183.49 million CNY in 2019 to 499.84 million CNY in 2020.

Cloopen Group Holding Limited conducted its initial public stock offering (the "IPO") in February 2021.

Cloopen Group Holding Limited sold 20 million ADS at $16.00 per share, for a total offering size of $320 million.

Since then NYSE: RAAS shares declined to as low as $8.79 per share on May 11, 2021.