SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of RenovaCare, Inc. - RCAR

NEW YORK, July 19, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of RenovaCare, Inc. ("RenovaCare" or the "Company") (OTCMKTS: RCAR). Such investors are advised to contact Robert S. Willoughby at [email protected] 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.

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On May 28, 2021, the U.S. Securities and Exchange Commission ("SEC") issued a litigation release stating that RenovaCare was being charged with securities fraud. According to the SEC's complaint, between July 2017 and January 2018, the Company's controlling shareholder and Chairman, Harmel Rayat, "arranged, and caused RenovaCare to pay for, a promotional campaign designed to increase the company's stock price." Specifically, "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." When OTC Markets Group, Inc. requested that RenovaCare explain its relationship to the promotion, 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." 

On this news, RenovaCare's stock price fell $0.66, or 24.8%, over three consecutive trading sessions to close at $2.00 per share on June 2, 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.

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

SOURCE Pomerantz LLP

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