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SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK: COMMERCIAL DIVISION
SONNY ST. JOHN, Individually and on
Behalf of All Others Similarly Situated,
Index No. 652617/2021
Plaintiff,
v.
Part 54: Hon. Jennifer G. Schecter
CLOOPEN GROUP HOLDING LIMITED,
CHANGXUN SUN, YIPENG LI, KUI
JOINT STIPULATION EXTENDING
ZHOU, QINGSHENG ZHENG,
TIME TO ANSWER PLAINTIFF’S
XIAODONG LIANG, ZI YANG, MING
COMPLAINT FOR VIOLATIONS OF
LIAO, FENG ZHU, LOK YAN HUI,
THE SECURITIES ACT OF 1933
JIANHONG ZHOU, CHING CHIU,
COGENCY GLOBAL INC., COLLEEN A.
DEVRIES, GOLDMAN SACHS (ASIA)
L.L.C., CITIGROUP GLOBAL MARKETS
INC., CHINA INTERNATIONAL CAPITAL
CORPORATION HONG KONG
SECURITIES LIMITED, TIGER BROKERS
(NZ) LIMITED, and FUTU, INC.,
Defendants.
WHEREAS, Plaintiff Sonny St. John, individually and on behalf of all others similarly
situated, filed a complaint on April 19, 2021 (NYSCEF No. 2) (the “Complaint”), asserting claims
under §§11, 12, and 15 of the Securities Act of 1933 against Defendants Cloopen Group Holding
Limited, Changxun Sun, Yipeng Li, Kui Zhou, Qingsheng Zheng, Xiaodong Liang, Zi Yang, Ming
Liao, Feng Zhu, Lok Yan Hui, Jianhong Zhou, Ching Chiu, Cogency Global Inc., Colleen A.
Devries, Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Inc., China International Capital
Corporation Hong Kong Securities Limited, Tiger Brokers (NZ) Limited, and Futu, Inc.;
WHEREAS, Defendants Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Inc.,
China International Capital Corporation Hong Kong Securities Limited, Tiger Brokers (NZ)
Limited, and Futu, Inc. (the “Underwriter Defendants”) served as underwriters with respect to the
initial public stock offering at issue in this litigation (the “IPO”);
WHEREAS, Defendant Cogency Global Inc. (“Cogency”) served as Cloopen Group
Holding Limited’s (“Cloopen”) authorized U.S. representative for purposes of the IPO pursuant to
the Securities Act of 1933;
WHEREAS, certain of the Underwriter Defendants, Cogency, Colleen A. DeVries, and
Cloopen have putatively been served with process and Plaintiff is working to effect service of
process on the other Defendants, certain of whom are persons residing outside the United States;
WHEREAS, the filing of this stipulation shall not be deemed acceptance or waiver of
service on behalf of the Defendants that have not been served to date;
WHEREAS, reserving all rights, Plaintiff anticipates filing an amended complaint in this
action;
WHEREAS, the Underwriter Defendants, Cogency, Ms. DeVries, and Cloopen reserve all
defenses or objections to the lawsuit, including, without limitation, the Court’s jurisdiction and the
venue of this action;
WHEREAS, the Underwriter Defendants, Cogency, Ms. DeVries, and Cloopen have not
previously requested an extension of the deadline to answer, move, or otherwise respond to the
Complaint;
NOW, THEREFORE, Plaintiff, the Underwriter Defendants, Cogency, Ms. DeVries, and
Cloopen jointly stipulate and agree as follows:
1. Subject to the above reservation of rights, the Underwriter Defendants, Cogency,
Ms. Devries, and Cloopen do not need to answer, move, or otherwise respond to the Complaint;
2. Plaintiff will file his amended complaint on or before September 20, 2021 (the
“Amended Complaint”);
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3. The Underwriter Defendants, Cogency, Ms. DeVries, and Cloopen will answer,
move, or otherwise respond to the Amended Complaint on or before November 19, 2021 (the
“Deadline to Answer”);
4. The Deadline to Answer applies only to the Defendants that have been served with
process on or prior to the Plaintiff filing the Amended Complaint on or before September 20, 2021.
5. If the Underwriter Defendants, Cogency, Ms. DeVries, or Cloopen move to dismiss
the Amended Complaint, Plaintiff will file his opposition on or before January 19, 2022 and the
moving party(s) will file their/its reply on or before February 18, 2022.
6. Nothing in this stipulation prevents any party from seeking further extensions with
the consent of the other parties or from the Court.
DATED: July 16, 2021 SCOTT+SCOTT ATTORNEYS AT LAW LLP
/s/ Thomas L. Laughlin, IV
Thomas L. Laughlin, IV
Rhiana L. Swartz
Jonathan M. Zimmerman (pro hac vice
forthcoming)
The Helmsley Building
230 Park Avenue, 17th Floor
New York, NY 10169
Telephone: (212) 223-6444
Facsimile: (212) 223-6334
tlaughlin@scott-scott.com
rswartz@scott-scott.com
jzimmerman@scott-scott.com
THE SCHALL LAW FIRM
1880 Century Park E, Suite 404
Los Angeles, CA 90067-1604
Telephone: (310) 301-3335
Facsimile: (310) 388-0192
brian@schallfirm.com
Counsel for Plaintiff Sonny St. John
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WILLKIE FARR & GALLAGHER LLP
/s/ Todd G. Cosenza
Todd G. Cosenza
Charles D. Cording
787 Seventh Avenue
New York, NY 10019-6099
Telephone: (212) 728-8000
Facsimile: (212) 728-8111
tcosenza@willkie.com
ccording@willkie.com
Counsel for Underwriter Defendants
K&L GATES LLP
/s/ Joanna Diakos
Joanna Diakos
599 Lexington Avenue
New York, NY 10022
Telephone: (212) 536-3900
Facsimile: (212) 536-3901
Joanna.diakoskordalis@klgates.com
Counsel for Cogency Global Inc. and Colleen A.
DeVries
WILSON SONSINI GOODRICH & ROSATI
/s/ Sheryl Shapiro Bassin
Sheryl Shapiro Bassin
1301 Avenue of the Americas, 40th Floor
New York, New York 10019
Telephone: (212) 999-5800
Facsimile: (212) 999-5899
sbassin@wsgr.com
Nina F. Locker (pro hac vice application
forthcoming)
Ignacio E. Salceda (pro hac vice application filed)
650 Page Mill Road
Palo Alto, California 94304
Telephone: (650) 493-9300
Facsimile: (650) 565-5100
nlocker@wsgr.com
isalceda@wsgr.com
Counsel for Defendant Cloopen Group Holding
Limited
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SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK: COMMERCIAL DIVISION SONNY ST. JOHN, Individually and on Behalf of All Others Similarly Situated, Index No. 652617/2021 Plaintiff, v. Part 54: Hon. Jennifer G. Schecter CLOOPEN GROUP HOLDING LIMITED, CHANGXUN SUN, YIPENG LI, KUI JOINT STIPULATION EXTENDING ZHOU, QINGSHENG ZHENG, TIME TO ANSWER PLAINTIFF’S XIAODONG LIANG, ZI YANG, MING COMPLAINT FOR VIOLATIONS OF LIAO, FENG ZHU, LOK YAN HUI, THE SECURITIES ACT OF 1933 JIANHONG ZHOU, CHING CHIU, COGENCY GLOBAL INC., COLLEEN A. DEVRIES, GOLDMAN SACHS (ASIA) L.L.C., CITIGROUP GLOBAL MARKETS INC., CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LIMITED, TIGER BROKERS (NZ) LIMITED, and FUTU, INC., Defendants. WHEREAS, Plaintiff Sonny St. John, individually and on behalf of all others similarly situated, filed a complaint on April 19, 2021 (NYSCEF No. 2) (the “Complaint”), asserting claims under §§11, 12, and 15 of the Securities Act of 1933 against Defendants Cloopen Group Holding Limited, Changxun Sun, Yipeng Li, Kui Zhou, Qingsheng Zheng, Xiaodong Liang, Zi Yang, Ming Liao, Feng Zhu, Lok Yan Hui, Jianhong Zhou, Ching Chiu, Cogency Global Inc., Colleen A. Devries, Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Inc., China International Capital Corporation Hong Kong Securities Limited, Tiger Brokers (NZ) Limited, and Futu, Inc.; WHEREAS, Defendants Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Inc., China International Capital Corporation Hong Kong Securities Limited, Tiger Brokers (NZ) Limited, and Futu, Inc. (the “Underwriter Defendants”) served as underwriters with respect to the initial public stock offering at issue in this litigation (the “IPO”); WHEREAS, Defendant Cogency Global Inc. (“Cogency”) served as Cloopen Group Holding Limited’s (“Cloopen”) authorized U.S. representative for purposes of the IPO pursuant to the Securities Act of 1933; WHEREAS, certain of the Underwriter Defendants, Cogency, Colleen A. DeVries, and Cloopen have putatively been served with process and Plaintiff is working to effect service of process on the other Defendants, certain of whom are persons residing outside the United States; WHEREAS, the filing of this stipulation shall not be deemed acceptance or waiver of service on behalf of the Defendants that have not been served to date; WHEREAS, reserving all rights, Plaintiff anticipates filing an amended complaint in this action; WHEREAS, the Underwriter Defendants, Cogency, Ms. DeVries, and Cloopen reserve all defenses or objections to the lawsuit, including, without limitation, the Court’s jurisdiction and the venue of this action; WHEREAS, the Underwriter Defendants, Cogency, Ms. DeVries, and Cloopen have not previously requested an extension of the deadline to answer, move, or otherwise respond to the Complaint; NOW, THEREFORE, Plaintiff, the Underwriter Defendants, Cogency, Ms. DeVries, and Cloopen jointly stipulate and agree as follows: 1. Subject to the above reservation of rights, the Underwriter Defendants, Cogency, Ms. Devries, and Cloopen do not need to answer, move, or otherwise respond to the Complaint; 2. Plaintiff will file his amended complaint on or before September 20, 2021 (the “Amended Complaint”); -2- 3. The Underwriter Defendants, Cogency, Ms. DeVries, and Cloopen will answer, move, or otherwise respond to the Amended Complaint on or before November 19, 2021 (the “Deadline to Answer”); 4. The Deadline to Answer applies only to the Defendants that have been served with process on or prior to the Plaintiff filing the Amended Complaint on or before September 20, 2021. 5. If the Underwriter Defendants, Cogency, Ms. DeVries, or Cloopen move to dismiss the Amended Complaint, Plaintiff will file his opposition on or before January 19, 2022 and the moving party(s) will file their/its reply on or before February 18, 2022. 6. Nothing in this stipulation prevents any party from seeking further extensions with the consent of the other parties or from the Court. DATED: July 16, 2021 SCOTT+SCOTT ATTORNEYS AT LAW LLP /s/ Thomas L. Laughlin, IV Thomas L. Laughlin, IV Rhiana L. Swartz Jonathan M. Zimmerman (pro hac vice forthcoming) The Helmsley Building 230 Park Avenue, 17th Floor New York, NY 10169 Telephone: (212) 223-6444 Facsimile: (212) 223-6334 tlaughlin@scott-scott.com rswartz@scott-scott.com jzimmerman@scott-scott.com THE SCHALL LAW FIRM 1880 Century Park E, Suite 404 Los Angeles, CA 90067-1604 Telephone: (310) 301-3335 Facsimile: (310) 388-0192 brian@schallfirm.com Counsel for Plaintiff Sonny St. John -3- WILLKIE FARR & GALLAGHER LLP /s/ Todd G. Cosenza Todd G. Cosenza Charles D. Cording 787 Seventh Avenue New York, NY 10019-6099 Telephone: (212) 728-8000 Facsimile: (212) 728-8111 tcosenza@willkie.com ccording@willkie.com Counsel for Underwriter Defendants K&L GATES LLP /s/ Joanna Diakos Joanna Diakos 599 Lexington Avenue New York, NY 10022 Telephone: (212) 536-3900 Facsimile: (212) 536-3901 Joanna.diakoskordalis@klgates.com Counsel for Cogency Global Inc. and Colleen A. DeVries WILSON SONSINI GOODRICH & ROSATI /s/ Sheryl Shapiro Bassin Sheryl Shapiro Bassin 1301 Avenue of the Americas, 40th Floor New York, New York 10019 Telephone: (212) 999-5800 Facsimile: (212) 999-5899 sbassin@wsgr.com Nina F. Locker (pro hac vice application forthcoming) Ignacio E. Salceda (pro hac vice application filed) 650 Page Mill Road Palo Alto, California 94304 Telephone: (650) 493-9300 Facsimile: (650) 565-5100 nlocker@wsgr.com isalceda@wsgr.com Counsel for Defendant Cloopen Group Holding Limited -4-