Case Status: ONGOING
CLASS PERIOD START: August 14, 2017
CLASS PERIOD END: May 28, 2021
According to the Complaint, RenovaCare, Inc. is a development stage company that has not generated any revenue since its inception and has no commercialized products. Its activities primarily consist of research and development, business development, and capital raises. It owns the CellMist System, which consists of a treatment method for cell isolation for the regeneration of human skin cells and other tissues (the CellMist Solution) and a solution sprayer device to deliver cells to the treatment area (the SkinGun).
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that RenovaCare engaged in a promotional campaign to issue misleading statements to artificially inflate the Company’s stock price; (2) that, when the OTC Markets inquired, RenovaCare 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) that, as a result of the foregoing, the Company’s disclosure controls and procedures were defective; and (4) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.