NEW YORK, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Paysafe Limited (NYSE: PSFE), Revance Therapeutics, Inc. (NASDAQ: RVNC), Cloopen Group Holding Limited (NYSE: RAAS), and Exicure, Inc. (NASDAQ: XCUR). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Paysafe Limited (NYSE: PSFE)
Class Period: December 7, 2020 – November 10, 2021
Lead Plaintiff Deadline: February 8, 2022
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) that Paysafe was being negatively impacted by gambling regulations in key European markets; (2) that Paysafe was encountering performance challenges in its Digital Wallet segment; (3) that new eCommerce customer agreements were being pushed back; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Paysafe class action go to: https://bespc.com/cases/PSFE
Revance Therapeutics, Inc. (NASDAQ: RVNC)
Class Period: November 25, 2019 – October 11, 2021
Lead Plaintiff Deadline: February 8, 2022
The lawsuit alleges throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) quality control deficiencies existed at the Company’s manufacturing facility for DAXI; (ii) the foregoing deficiencies decreased the likelihood that the FDA would approve the DAXI BLA in its current form; (iii) accordingly, it was unlikely that the DAXI BLA would obtain FDA approval within the timeframe the Company had represented to investors; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Revance class action go to: https://bespc.com/cases/RVNC
Cloopen Group Holding Limited (NYSE: RAAS)
Class Period: February 6, 2021 – May 10, 2021
Lead Plaintiff Deadline: February 8, 2022
The Cloopen class action lawsuit alleges that the Registration Statement led Cloopen ADS purchasers to believe that Cloopen’s much-touted growth strategy, which relied upon cross-selling, up-selling, optimizing existing solutions, and developing new features, was effective. Indeed, as portrayed in the Registration Statement, Cloopen appeared to be retaining and even expanding its customer base, as well as maintaining its key sales metrics such as dollar-based net retention rate, which reflected its ability to increase existing customer revenue. Yet, Cloopen’s representations concerning its successful growth strategy were materially false and misleading. In fact, as the Cloopen class action lawsuit alleges, Cloopen’s growth strategy was not working and its existing customers were abandoning the company. The Cloopen class action lawsuit further alleges that Cloopen’s Registration Statement failed to disclose that an increasing number of its customers were refusing to pay, forcing Cloopen to record massive increases in its accounts receivables and allowance for doubtful accounts. The Registration Statement also allegedly failed to disclose that Cloopen was weighted down by massive liabilities related to the fair value of certain recently-granted warrants.
On March 26, 2021, just over six weeks after its IPO, Cloopen reported fourth quarter of 2020 revenues of just $39.6 million – $2 million shy of analysts’ consensus – net losses of $46.8 million, representing a 466.9% increase year-over-year, and operating expenses of $27.6 million, representing a 30% increase over fourth quarter of 2019. Cloopen blamed a "change in fair value of warrant liabilities of . . . $34.4 million" for Cloopen’s remarkable net loss and "an increase in the provision for doubtful accounts resulting from increased in accounts receivables" for the 59.2% increase in general and administrative expenses. On this news, the price of Cloopen’s ADSs fell by more than 18%.
Weeks later, as Cloopen belatedly revealed additional facts about its failed growth strategy and withering customer base, including that its dollar-based net retention rate by year end 2020 fell far below historical periods, Cloopen’s share price fell again.
At the time the Cloopen class action lawsuit was commenced, Cloopen’s share price has dropped as low as $2.70 per ADS, a decline of more than 80% from the $16 IPO price.
For more information on the Cloopen Group class action go to: https://bespc.com/cases/RAAS
Exicure, Inc. (NASDAQ: XCUR)
Class Period: March 11, 2021 – November 15, 2021
Lead Plaintiff Deadline: February 11, 2022
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that there had been certain improprieties in Exicure’s preclinical program for the treatment of Friedreich’s ataxia; (2) that, as a result, there was a material risk that data from the preclinical program would not support continued clinical development; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Exicure class action go to: https://bespc.com/cases/XCUR
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
