The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Renovacare, Inc. (OTCMKTS: RCAR) who purchased shares between August 14, 2017 and May 28, 2021. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the Renovacare lawsuit alleges that (1) at the direction of Harmel Rayat, RenovaCare engaged in a promotional campaign to issue misleading statements to artificially inflate the Company’s stock price; (2) when the OTC Markets inquired, RenovaCare and Mr. 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; (3) as a result of the foregoing, the Company’s disclosure controls and procedures were defective; and (4) 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.
Shareholders have until September 14, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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