Sumary of Pomerantz Law Firm Announces the Filing of a Class Action Against RenovaCare, Inc. and Certain Officers – RCAR:
- NEW YORK, July 22, 2021 /PRNewswire/ — 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, filed in the United States District Court for the District of New Jersey, and docketed under 21-cv-13930, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired RenovaCare securities between August 14, 2017 and May 28, 2021, inclusive (the “Class Period”).
- Fighting for victims of securities fraud for more than 85 years (PRNewsfoto/Pomerantz LLP)If you are a shareholder who purchased or otherwise acquired RenovaCare securities during the Class Period, you have until September 14, 2021 to ask the Court to appoint you as Lead Plaintiff for the class.
- The complaint alleges that, 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) at the direction of the Company’s controlling shareholder and Chairman, Harmel Rayat (“Rayat”), RenovaCare engaged in a promotional campaign to issue misleading statements to artificially inflate the Company’s stock price;
- (ii) when OTC Markets Group, Inc. (“OTC Markets”) inquired, RenovaCare and Rayat issued a materially false and misleading press release claiming that no director, officer, or controlling shareholder had any involvement in the purported third party’s promotional materials;
- and (iv) 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.
- Story continuesOn May 28, 2021, the Securities and Exchange Commission (“SEC”) issued a litigation release stating that RenovaCare was being charged with alleged securities fraud.