RENOVACARE DEADLINE ALERT: Faruqi & Faruqi Securities

NEW YORK, Aug. 22, 2021 (GLOBE NEWSWIRE) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against RenovaCare, Inc (“RenovaCare” or the “Company”) (OTC : RCAR) and reminds investors of the deadline of September 14, 2021 to apply for the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses greater than $ 50,000 while investing in RenovaCare stocks or options between August 14, 2017 and May 28, 2021 and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly To 877-247-4292 Where 212-983-9330 (ext. 1310). You can also click here for more information:

There is no cost or obligation for you.

Faruqi & Faruqi is a leading national minority and women-owned securities law firm, with offices in New York, Delaware, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its officers violated federal securities laws by making false and / or misleading statements and / or failing to disclose that: (1 ) at Rayat’s request, RenovaCare has engaged in a promotional campaign to publish misleading statements to artificially inflate the share price of the Company; (2) when the over-the-counter markets became aware, 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 of the alleged third party; (3) as a result of the foregoing, the Company’s disclosure controls and procedures were defective; and (4) 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 SEC released a statement indicating that RenovaCare was charged with suspected securities fraud. According to the 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”, providing “false information to StreetAuthority regarding the effectiveness of RenovaCare’s experimental burn-healing medical device.” Among other things, these promotional materials described a patient who reportedly recovered from severe burns in three days using RenovaCare’s SkinGun, when in reality the “before” and “after” photos were taken at age five. interval. The documents also claimed that SkinGun “may soon be approved by the FDA. [U.S. Food and Drug Administration] . . . . RenovaCare has filed a 510 (k) dossier with the FDA. . . . “However, at the time, the Company did not have a pending 510 (k) application and had withdrawn its one application (request for approval for use in clinical studies).

Rayat also arranged for monthly payments to the publisher “to be made through third parties for the fraudulent purpose of concealing the involvement of Rayat and the company”. According to the complaint, Rayat knew or was reckless not to know that the publisher was required to disclose RenovaCare payments under section 17 (b) of the Securities Act of 1933, in particular because in 2000 Rayat had settled a case with the SEC. for breaking the same law.

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.

The principal plaintiff appointed by the court is the investor with the greatest financial interest in the remedy sought by the group, who is adequate and typical of the members of the group who are directing and supervising the litigation on behalf of the putative group. Any putative class member can propose to the court to serve as lead plaintiff through any lawyer they choose, or they can choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.

Faruqi & Faruqi, LLP also encourages anyone with information regarding RenovaCare’s conduct to contact the company, including whistleblowers, former employees, shareholders, and others.

Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated confidentially.

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