NEW YORK, August 21, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against RenovaCare, Inc. (“RenovaCare” or the “Company”) (OTCMKTS: RCAR) and certain of its officers. The class action suit, filed in the United States District Court for the District of New Jersey, and registered as 21-cv-13930, is in the name of a group consisting of all persons and entities other than the defendants who have purchased or otherwise acquired securities of RenovaCare between August 14, 2017 and May 28, 2021 inclusive (the “Class Period”). The plaintiff is pursuing actions against the defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased or otherwise acquired securities of RenovaCare during the Class Period, you have until September 14, 2021 to request the court to appoint you as the primary claimant for the Class Action. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
[Click here for information about joining the class action]
RenovaCare is a development phase company that has generated no revenue since its inception and has no products marketed. Its activities consist mainly of research and development, business development and capital raising. It has the CellMist system, which consists of a treatment method for cell isolation for the regeneration of human skin cells and other tissues (the CellMist solution) and a solution spray device for delivering cells to the cell. treatment area (the SkinGun).
The complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading representations regarding the Company’s business, operations and compliance policies. More specifically, the Defendants made false and / or misleading statements and / or failed to disclose that: (i) on the instruction of the majority shareholder and President of the Company, Harmel Rayat (“Rayat”), RenovaCare s’ is engaged in a promotional campaign aimed at publishing misleading statements artificially inflating the share price of the Company; (ii) when OTC Markets Group, Inc. (“OTC Markets”) made inquiries, RenovaCare and Rayat issued a substantially false and misleading press release claiming that no director, officer or majority shareholder was involved in the promotional material from the alleged third party; (iii) as a result of the foregoing, the Company’s disclosure controls and procedures were defective; and (iv) as a result of the foregoing, the Defendants’ positive statements regarding the business, operations and prospects of the Company were substantially misleading and / or lacked reasonable basis.
On May 28, 2021, the Securities and Exchange Commission (“SEC”) issued a statement indicating that RenovaCare was charged with suspected securities fraud. According to the SEC complaint, between July 2017 and January 2018, Rayat “organized and charged by RenovaCare a promotional campaign designed to increase the company’s share price.” Specifically, “Rayat has been closely involved in directing the promotion and editing of promotional material, and has arranged to route payments to the publisher through consultants in order to disguise RenovaCare’s involvement. in the countryside. When OTC Markets asked RenovaCare to explain its relationship to the promotion, the complaint alleges that “Rayat and RenovaCare subsequently drafted and issued a press release and Form 8-K containing false statements and omissions denying the implication of Rayat and the company in the promotion. “
Following this news, the Company’s share price fell $ 0.66, or 24.8%, over three consecutive trading sessions to close at $ 2.00 per share on June 2, 2021.
Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and corporate misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext 7980