BEIJING, Feb. 7, 2024
/PRNewswire/ -- Cloopen Group Holding Limited (OTC: RAASY)
("Cloopen" or the "Company") today announced that it has reached a
settlement (the "Settlement") with the U.S. Securities and Exchange
Commission (the "SEC") regarding the employee misconduct and
transaction irregularities disclosed in the press release issued by
the Company on May 3, 2022.
In settling this matter, the SEC considered the Company's prompt
self-reporting to the SEC staff, and the substantial cooperation
provided by the Company throughout its investigation. The SEC also
considered the prompt remedial measures undertaken by the Company,
including, among others, terminating or disciplining the people
involved in the fraudulent scheme, reorganizing the departments
engaged in the misconduct, strengthening its accounting controls,
and recruiting new finance and accounting staff with expertise in
U.S. Generally Accepted Accounting Principles.
Under the terms of the Settlement, the Company, without
admitting or denying the findings of the SEC, consented to the
entry of an order by the SEC that it shall cease and desist from
committing or causing any violations and any future violations of
certain federal securities laws, including Section 10(b) of the
Securities Exchange Act of 1934, as amended. The SEC is not
imposing civil penalties against the Company because of its
self-reporting, cooperation and remediation.
Mr. Changxun Sun, chief executive officer of Cloopen, commented,
"The settlement indicates our cooperation and remedial efforts
during the process, as well as our continued commitment to
improving our internal controls. Going forward, we will focus more
on our business and future developments, and continue to create
value for our customers and shareholders."
About Cloopen Group Holding Limited
Cloopen Group Holding Limited is a leading multi-capability
cloud-based communications solution provider in China offering a full suite of cloud-based
communications solutions, covering communications platform as a
service (CPaaS), cloud-based contact centers (cloud-based CC), and
cloud-based unified communications and collaborations (cloud-based
UC&C). Cloopen's mission
is to enhance the daily
communication experience and operational productivity for enterprises.
Cloopen aspires to drive the transformation of enterprise
communications industry by offering innovative marketing and
operational tactics and SaaS-based tools.
For more information, please visit
https://ir.yuntongxun.com.
Forward-Looking Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Cloopen may also
make written or oral forward-looking statements in its reports
filed with or furnished to the SEC, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Any statements that are not historical facts,
including statements about Cloopen's beliefs and expectations as
well as its financial outlook, are forward-looking statements.
These forward-looking statements are based on Cloopen's current
expectations and involve
factors, risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in Cloopen's
filings with the SEC. All information provided in this press
release is current as of the date of the press release, and Cloopen
does not undertake any obligation to update such information,
except as required under applicable law. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and you are cautioned not to place undue reliance
on these forward-looking statements.
For investor and media
inquiries, please contact:
Cloopen Group Holding Limited
Investor Relations
Email: ir@yuntongxun.com
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SOURCE Cloopen Group Holding Limited