RenovaCare, Inc. (RCAR)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of RenovaCare, Inc. ("RenovaCare" or "the Company") (OTCMKT: RCAR). The investigation concerns whether RenovaCare and certain of its officers and/or directors have violated federal securities laws.
On May 28, 2021, the United States Securities and Exchange Commission (“SEC”) 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, Verrica’s stock price fell $0.22 per share, or 9.09%, to close at $2.20 per share on June 1, 2021.
If you are aware of any facts relating to this investigation, or purchased RenovaCare shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.