RenovaCare ($RCAR) Investor Settlement
RenovaCare is accused of exaggerating the development of its "SkinGun" technology and failing to disclose its involvement in a paid promotional campaign, leading to significant financial losses for investors.
Between August 14, 2017, and May 28: RenovaCare frequently promoted the "SkinGun" technology, claiming it could revolutionize burn treatment, which boosted investor interest and the company’s stock price.
January 2018: The SEC uncovered that a major shareholder secretly paid for a promotional campaign that exaggerated the effectiveness of the "SkinGun."
June 2021: The SEC filed a complaint against RenovaCare for misleading investors and lying about its involvement in the promotion.
July 2021: Following the SEC's revelations, RenovaCare’s stock dropped by nearly 25%, leading to significant investor losses.
RenovaCare promoted its "SkinGun" technology as a revolutionary treatment for burn victims from 2017 to 2021. The technology was said to spray stem cells onto wounds to accelerate healing, which attracted significant investor interest and increased the company's stock price. However, in January 2018, the SEC discovered that a major shareholder, Harmel S. Rayat, had secretly funded a promotional campaign that greatly exaggerated the technology’s effectiveness. By June 2021, the SEC filed a complaint accusing RenovaCare of misleading investors and falsely denying their involvement in the paid promotions. This deception led to a 25% drop in the company's stock in July 2021, causing major financial losses for investors.
Investors have filed a lawsuit against RenovaCare and its executives, accusing them of inflating the stock price through a misleading promotional campaign and falsely claiming progress on the "SkinGun" technology, has been resolved. Investors can now look forward to the outcomes of the settlement, which may include compensation for the losses incurred due to the deceptive practices.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Frequently Asked Questions
All persons who purchased or otherwise acquired $RCAR during the period August 14, 2017, to May 28, 2021, both dates inclusive.
No, if you have purchased securities within the class period, you are eligible to participate. You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
The final payout amount depends on your specific trades and the number of investors participating in the settlement.
If 100% of investors file their claims - the average payout will be $0.31 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $1.24 per share.
If you're eligible, you can file your claim directly from this case page by clicking the "Collect Payout" button.
More than 100 companies are currently paying out settlements. Connect your brokerage account to automatically check which ones you may have missed — or file manually for this case.
11th.com is an investor recovery company that helps investors track and collect securities class action settlements. We will:
1. Prepare documents for your payout.
2. Audit the claim and make sure you get the maximum possible payout.
3. File a claim with the settlement administration.
4. Correspond with the settlement administration to resolve emerging issues.
5. Deliver payout directly to your brokerage account.
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.