LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of RenovaCare, Inc. (“RenovaCare” or the “Company”) (OTC: RCAR) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On May 28, 2021, the United States Securities and Exchange Commission issued a litigation release stating that RenovaCare was being charged with alleged securities fraud. According to the complaint, “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.” 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 RenovaCare to 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 $0.22, or 9.09%, to close at $2.20 per share on June 1, 2021.
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If you purchased RenovaCare securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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