The core of the campaign centered on promoting RenovaCare’s experimental medical device, the SkinGun, which is designed to spray healing cells onto burn wounds. The lawsuit alleged that RenovaCare’s then-interim CEO supplied StreetAuthority with misleading information about the SkinGun and even participated in editing and shaping the promotional content.
Legal Representation and Court Proceedings
The settlement negotiations bring an end to a high-stakes battle in which RenovaCare and several third-party entities were implicated in the alleged stock price manipulation. RenovaCare’s legal team, led by Joseph Dever and Tamar Wise of Cozen O’Connor, declined to comment on the settlement.
Investors in the class action are represented by attorneys from several prominent firms, including Hagens Berman Sobol Shapiro LLP, Pomerantz LLP, and Lite DePalma Greenberg & Afanador LLC.
RenovaCare $2M Deal : Conclusion of the Campaign
As part of the settlement, the lawsuit claims that RenovaCare used third-party funds to finance the StreetAuthority promotions. The promotional materials allegedly painted a rosier picture of the company’s prospects, contributing to inflated stock prices.
