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New York, New York--(Newsfile Corp. - June 5, 2021) - Pomerantz LLP is investigating claims on behalf of investors of RenovaCare, Inc. ("RenovaCare" or the "Company") (OTC Pink: RCAR). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether RenovaCare and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 28, 2021, the United States Securities and Exchange Commission published a litigation release indicating the RenovaCare was being charged with securities fraud. Specifically, the complaint referenced in the litigation release, filed in federal court in the Southern District of New York, alleges that in July 2017, Harmel S. Rayat, RenovaCare's controlling shareholder, arranged, and caused RenovaCare to pay for, a promotional campaign designed to increase the company's stock price." The complaint alleges that "Rayat was closely involved in directing the promotion and editing promotional materials, and arranged to funnel payments to the publisher through consultants to conceal RenovaCare's involvement in the campaign" and according to the complaint, "in January 2018, OTC Markets Group, Inc. requested RenovaCare issue a press release to explain its relationship to the promotion." Finally, the complaint alleges that "Rayat and RenovaCare then drafted and issued a press release and a Form 8-K that contained material misrepresentations and omissions denying Rayat's and the company's involvement in the promotion" and charges Rayat and RenovaCare with "violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and also charges Rayat with aiding and abetting the company's violations of those provisions." The complaint also charges RenovaCare with violating the reporting provisions of Exchange Act Section 15(d) and Rules 15d-11 and 12b-20 thereunder.
On this news, RenovaCare's stock price fell $0.22 per share, or 9.09%, to close at $2.20 per share on June 1, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86643