SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in RenovaCare, Inc. of Class Action Lawsuit and Upcoming Deadline – RCAR

NEW YORK, August 11, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against RenovaCare, Inc. (“RenovaCare” or the “Company”) (OTCMKTS: RCAR) and some of its officers. The class action filed in The United States District Court for the district New Jersey, and registered under 21-cv-13930, is on behalf of a class consisting of all natural and legal persons, except for the Defendants, the RenovaCare securities between. bought or otherwise acquired August 14, 2017 and May 28, 2021, including (the “Class Period”). Plaintiff is pursuing claims against defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who has purchased or otherwise acquired RenovaCare securities during the Class Action Period, you will have until September 14, 2021 ask the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, extension. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

RenovaCare is a developing company that has had no income since its inception and does not sell any commercialized products. The activities essentially include research and development, business development and capital raising. It features the CellMist system, which consists of a cell isolation treatment method to regenerate human skin cells and other tissues (the CellMist solution) and a solution sprayer to deliver cells to the treatment area (the SkinGun).

The lawsuit alleges that during the class action period, defendants made essentially false and misleading statements about the company’s business, operational, and compliance policies. In particular, Defendants have made false and / or misleading statements and / or failed to disclose that: (i) RenovaCare conducted an advertising campaign to make misleading statements at the direction of the controlling shareholder and chairman of the company, Harmel Rayat (“Rayat”) Artificially inflate the company’s share price; (ii) When OTC Markets Group, Inc. inquired (“OTC Markets”), RenovaCare and Rayat issued a materially false and misleading press release alleging that there was no director, officer or controlling shareholder in the alleged third party’s promotional materials was involved; (iii) as a result of the foregoing, the Company’s disclosure controls and procedures have been inadequate; and (iv) as a result of the foregoing, Defendants’ positive statements about the business, operations and prospects of the Company were materially misleading and / or unfounded.

on May 28, 2021, the Securities and Exchange Commission (“SEC”) released a lawsuit stating that RenovaCare is charged with alleged securities fraud. According to the SEC’s complaint between July 2017 and January 2018“Rayat” arranged and got RenovaCare to pay for an advertising campaign aimed at increasing the company’s share price. ” Specifically, “Rayat was closely involved in leading the promotion and processing of promotional materials, and ensured that payments were passed through advisors to the publisher to hide RenovaCare’s involvement in the campaign.” When OTC Markets asked RenovaCare to clarify 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 involving Rayat and denied the company in the promotion. “

Because of this news, the company’s share price fell $ 0.66, or 24.8%, over three consecutive trading sessions to close $ 2.00 per share June 2, 2021.

The Pomerantz company with offices in new York, Chicago, The angel, and Paris is recognized as one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the dean of class actions, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, the Pomerantz law firm continues the tradition he founded and fights for the rights of victims of securities fraud, breaches of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP

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