Preview
: INDEX NO. 652617/2021
NYSCEF DOC. NO. 129 RECEIVED NYSCEF: 12/19/2023
EXHIBIT C
INDEX NO. 652617/2021
NYSCEF BOC. NO. 129 RECEIVED NYSCEF: 12/19/2023
Scott+Scott Attorneys At Law LLP
and Berger Montague PC Announce
Notice of Pendency and Proposed
Settlement For All Persons And
Entities Who Purchased or
Otherwise Acquired The Publicly
Traded American Depositary Shares
of Cloopen Group Holding Limited,
During The Period Between
February 9, 2021 and May 10, 2021
NEWS PROVIDED BY
Scott+Scott Attorneys At Law LLP and Berger Montague
Pc
23 Oct, 2023, 10:00 ET
NEW YORK, Oct. 23, 2023 /PRNewswire/ --
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK: COMMERCIAL DIVISION
INDEX NO. 652617/2021
FILED: NEW YORK COUNTY CLERK 12/19/2023 06:23 PM
NYSCEF DOC. NO. 129 x RECEIVED NYSCEF: 12/19/2023
SONNY ST. JOHN, Individually and on Behalf of
All Others Similarly Situated,
Plaintiff, Index No. 652617/2021
v.
CLOOPEN GROUP HOLDING LIMITED,
CHANGXUN SUN, YIPENG LI, KUI ZHOU, Part 53: Hon. Andrew Borrok
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.
Defendants.
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND
PROPOSED SETTLEMENT; (Il) 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")':
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
INDEX NO. 652617/2021
FILED: NEW YORK COUNTY CLERK 12/19/2023 06:23 PM
NYSCHeRAGag\ih tke Court. RECEIVED NYSCEF: 12/19/2023
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
INDEX NO. 652617/2021
NYSCRRIID Pot N®. elizfilble to share in the distribution of the net proceeds of He BERISVAGHT, bart19/2023
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:
SCOTT+SCOTT ATTYS AT LAW LLP BERGER MONTAGUE PC
Max R. Schwartz, Esq. Michael Dell'Angelo, Esq.
The Helmsley Building 1818 Market Street, Suite 3600
230 Park Ave., 17th Floor Philadelphia, PA 19103
New York, NY 10169 Tel: (212) 875-3000
Tel: (800) 404-7770
The Notice and Proof of Claim may be downloaded from the
www.CloopenSecuritiesLitigation.com or requested from the Claims Administrator at:
INDEX NO. 652617/2021
NYSCEF DOC. NO. 129 Cloopen Securities Litigation RECEIVED NYSCEF 12/19/2023
c/o A.B. Data
P.O. Box 173025
Milwaukee, WI 53217
1-866-778-9470
www.CloopenSecuritiesLitigation.com
By Order of the Court
Source:
Scott+Scott Attorneys At Law LLP
Berger Montague PC
7
Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the long-form Notice of (I) Pendency of Class
Action and Proposed Settlement; (I!) Settlement Fairness Hearing; and (III) Motion for an Attorneys’ Fees and Litigation Expenses (the "Notice"), a
copy of which may be downloaded from the settlement website maintained by the Claims Administrator at www.CloopenSecuritiesLitigation.com
SOURCE Scott+Scott Attorneys At Law LLP and Berger Montague PC
e
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Preview
: INDEX NO. 652617/2021 NYSCEF DOC. NO. 129 RECEIVED NYSCEF: 12/19/2023 EXHIBIT C INDEX NO. 652617/2021 NYSCEF BOC. NO. 129 RECEIVED NYSCEF: 12/19/2023 Scott+Scott Attorneys At Law LLP and Berger Montague PC Announce Notice of Pendency and Proposed Settlement For All Persons And Entities Who Purchased or Otherwise Acquired The Publicly Traded American Depositary Shares of Cloopen Group Holding Limited, During The Period Between February 9, 2021 and May 10, 2021 NEWS PROVIDED BY Scott+Scott Attorneys At Law LLP and Berger Montague Pc 23 Oct, 2023, 10:00 ET NEW YORK, Oct. 23, 2023 /PRNewswire/ -- SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK: COMMERCIAL DIVISION INDEX NO. 652617/2021 FILED: NEW YORK COUNTY CLERK 12/19/2023 06:23 PM NYSCEF DOC. NO. 129 x RECEIVED NYSCEF: 12/19/2023 SONNY ST. JOHN, Individually and on Behalf of All Others Similarly Situated, Plaintiff, Index No. 652617/2021 v. CLOOPEN GROUP HOLDING LIMITED, CHANGXUN SUN, YIPENG LI, KUI ZHOU, Part 53: Hon. Andrew Borrok 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. Defendants. SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (Il) 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")': 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 INDEX NO. 652617/2021 FILED: NEW YORK COUNTY CLERK 12/19/2023 06:23 PM NYSCHeRAGag\ih tke Court. RECEIVED NYSCEF: 12/19/2023 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 INDEX NO. 652617/2021 NYSCRRIID Pot N®. elizfilble to share in the distribution of the net proceeds of He BERISVAGHT, bart19/2023 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: SCOTT+SCOTT ATTYS AT LAW LLP BERGER MONTAGUE PC Max R. Schwartz, Esq. Michael Dell'Angelo, Esq. The Helmsley Building 1818 Market Street, Suite 3600 230 Park Ave., 17th Floor Philadelphia, PA 19103 New York, NY 10169 Tel: (212) 875-3000 Tel: (800) 404-7770 The Notice and Proof of Claim may be downloaded from the www.CloopenSecuritiesLitigation.com or requested from the Claims Administrator at: INDEX NO. 652617/2021 NYSCEF DOC. NO. 129 Cloopen Securities Litigation RECEIVED NYSCEF 12/19/2023 c/o A.B. Data P.O. Box 173025 Milwaukee, WI 53217 1-866-778-9470 www.CloopenSecuritiesLitigation.com By Order of the Court Source: Scott+Scott Attorneys At Law LLP Berger Montague PC 7 Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the long-form Notice of (I) Pendency of Class Action and Proposed Settlement; (I!) Settlement Fairness Hearing; and (III) Motion for an Attorneys’ Fees and Litigation Expenses (the "Notice"), a copy of which may be downloaded from the settlement website maintained by the Claims Administrator at www.CloopenSecuritiesLitigation.com SOURCE Scott+Scott Attorneys At Law LLP and Berger Montague PC e PRN Top Stories Newsletters 5 Sign up to get PRN’s top stories and curated news delivered to your inbox weekly! Enter Your Email Select Country By signing up you agree to receive content from us Our newsletters contain tracking pixels to help us deliver unique content based on each subscriber's engagement and interests. For more information on how we will use your data to ensure we send you relevant content please visit our PRN Consumer Newsletter Privacy Notice. You can withdraw your consent at any time in the footer of every email you'll receive.