RCAR CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against RenovaCare, Inc.

By On Jul 18, 2021

THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”), announces a class action lawsuit against Boller v. RenovaCare, Inc., et al. (Case No. 21-cv-13766) on behalf of individuals and legal entities who between August 14, 2017 and May 28, 2021 (inclusive) securities of RenovaCare, Inc. (“RenovaCare” or the “Company”) (OTC: RCAR) or otherwise acquired (the “Class Period”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have 60 days from this notification to move the court as the lead plaintiff in this lawsuit.

If you have suffered a loss on your RenovaCare investment or would like to inquire whether you would like to make claims under U.S. securities laws to recover your loss, you can use your contact details at https://www.glancylaw.com/ cases / renovacare-inc. to transfer /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com to learn more about your rights.

RenovaCare is a developing company that has had no income since its inception and does not sell any commercialized products.

On May 28, 2021, the US Securities and Exchange Commission (SEC) released a lawsuit stating that RenovaCare is charged with alleged securities fraud. According to the SEC complaint, “Between July 2017 and January 2018, RenovaCare arranged and directed the company’s controlling shareholder and chairman, Harmel Rayat (“ Rayat ”), an advertising campaign aimed at increasing the company’s share price. In particular, “Rayat was closely involved in directing the promotion and processing of promotional materials, and arranged for payments to be passed to the publisher through consultants to hide RenovaCare’s involvement in the campaign.” When OTC Markets Group, Inc. requested RenovaCare, his Explaining its relationship with the promotion, the complaint alleged that “Rayat and RenovaCare then drafted and issued a press release and Form 8-K containing material misrepresentations and omissions denying Rayat and the company’s involvement” in the promotion . ”

Following this news, the company’s stock price fell $ 0.66, or 24.8%, for three consecutive trading sessions, closing at $ 2.00 per share on June 2, 2021.

The complaint filed in this class action lawsuit alleges that during the collection period the defendants made materially false and / or misleading statements and disclosed material adverse facts about the company’s business, operations and prospects. In particular, Defendants have failed to disclose to investors: (1) that RenovaCare conducted an advertising campaign at the direction of Rayat to make misleading statements in order to artificially increase the company’s share price; (2) that RenovaCare and Rayat issued a materially false and misleading press release in response to inquiries from the OTC markets, alleging that no director, officer or controlling shareholder was involved in the alleged third party’s promotional materials; (3) that as a result of the foregoing, the Company’s disclosure controls and procedures were inadequate; and (4) as a result, defendants’ statements about their business, operations and prospects were materially false and misleading and / or were inadequate at all relevant times.

If you have purchased or otherwise acquired RenovaCare securities during the Class Action Period, you may request the court to appoint you as the lead plaintiff no later than 60 days after such notice. You don’t need to do anything at this point to be a member of the class; You can hire a lawyer of your choice or do nothing and remain an absent member of the group. If you would like to learn more about this promotion, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.