Ademi LLP is investigating Cloopen (OTC: RAASY) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with a consortium led by founder and CEO Changxun Sun.
Cloopen stockholders will receive $0.4940 per ordinary share and $2.9641 per American Depositary Share in a going-private transaction valued at approximately $162.89 million. Cloopen insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Cloopen by imposing a significant penalty if Cloopen accepts a competing bid. We are investigating the conduct of the Cloopen board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
Join this Action