Overview
Case Number: Case No. 1:21-cv-10610-JGK
Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Case Amount: $12 million
Court: N.Y. Sup. Ct.
Berger Montague served as co-lead counsel in a securities class action on behalf of all persons who: (a) purchased or otherwise acquired Cloopen American Depositary Shares (“ADSs”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Cloopen’s initial public offering and/or (b) purchased or otherwise acquired Cloopen securities.
Lead Plaintiff brings strict liability, non-fraud claims under the Securities Act of 1933 and fraud-based claims under the Securities Exchange Act of 1934. Lead Plaintiff alleges that the Registration Statement concealed from investors that Cloopen had incurred a massive liability related to the increased fair value of a recently granted Series F Warrant and that Defendants’ representations in the Registration Statement regarding Cloopen’s growth strategy were false and misleading because as of the effective date of the Registration Statement, Cloopen had already lost a material percentage of existing customer business during and had done so at an exponentially increasing rate over the rate reported in the Registration Statement.
On January 23, 2024, the New York Supreme Court, Commercial Division, granted final approval of a $12 million cash settlement resolving claims in both federal and state court.
About Berger Montague
Berger Montague is one of the nation’s preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.
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Dong v. Cloopen Group Holding Limited FAQs
What is this lawsuit about?
A class action has been filed against the company over losses suffered by investors and Berger Montague is currently speaking with investors about their options.
What happens after I submit my information?
Your information will be reviewed by our legal team. If you appear eligible, we will contact you as soon as possible to discuss next steps and answer any questions you may have.
Will my personal information be kept confidential?
Yes. Any information you provide will be kept secure and used only for purposes related to this investigation.
Do I have to pay to speak with an attorney?
No. An initial consultation is completely free of charge. If you qualify, you will not be asked to pay any upfront legal fees.
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