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.

On November 23, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 11, 2022. On February 14, the Court issued an Order consolidating cases. All future docketing was ordered to be done in the lead case 21-CV-13766.

On December 15, 2022, Lead Plaintiff filed a second amended Complaint. Plaintiffs dismissed all claims in the second amended Complaint against certain Defendants on July 11, 2023. Defendants filed a Motion to Dismiss the second amended Complaint on October 10.

On June 3, 2024, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On September 23, 2024, the parties entered into a Stipulation and Agreement of Settlement.