Hagens Berman Sobol Shapiro LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of RenovaCare Securities - RCAR

/EIN News/ -- NEWARK, N.J., Jan. 17, 2025 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP announces that the United States District Court for the District of New Jersey has approved the following announcement of a proposed class action settlement that would benefit purchasers of RenovaCare, Inc. securities (OTC: RCAR):        

SUMMARY NOTICE

TO:        All persons and entities that purchased or otherwise acquired RenovaCare, Inc. (“RenovaCare”) securities between August 14, 2017 and May 28, 2021, inclusive, and were damaged thereby¹ (the “Settlement Class”):

PLEASE READ THIS NOTICE CAREFULLY, AS YOUR RIGHTS WILL BE
AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on April 9, 2025, at 10:00 a.m., before the Honorable Brian Martinotti at the United States District Court for the District of New Jersey, Frank Lautenberg Post Office & U.S. Courthouse, 2 Federal Square, Courtroom PO 01, Newark, New Jersey 07102, or via Zoom or some other video platform, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for the sum of $2,000,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed Plan of Allocation to distribute the Settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (3) whether the application of Lead Counsel for an award of attorneys’ fees and Litigation Expenses, including interest earned thereon, and award to Lead Plaintiff, from the Settlement Fund, should be approved.

The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means. The Court appointed Hagens Berman Sobol Shapiro LLP as Lead Counsel to represent you and the other Settlement Class Members. However, you have the right to retain your own counsel and the right to appear at the Settlement Hearing through counsel of your choosing.

If you purchased or otherwise acquired RenovaCare securities between August 14, 2017, and May 28, 2021, both dates inclusive, your rights may be affected by this Settlement. As further described in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), you will be bound by any judgment entered in the Action, whether or not you make a claim, unless you request exclusion from the Settlement Class.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. The Notice and Proof of Claim Form (“Claim Form”), can be downloaded from the website maintained by the Claims Administrator, www.strategicclaims.net/renovacare (“Settlement Website”). You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at RenovaCare, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063, 1-866-274-4004, info@strategicclaims.net.

If you are a member of the Settlement Class, you must submit a Claim Form postmarked, or online at the Settlement Website, no later than April 9, 2025 in order to be eligible to receive a payment under the proposed Settlement. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than March 19, 2025, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees, reimbursement of Litigation Expenses, and award to Lead Plaintiff, must be filed with the Court and delivered to Lead Counsel and Defendants’ Counsel such that they are received no later than March 19, 2025, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk’s office, RenovaCare or any of the other Defendants, or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

        Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

HAGENS BERMAN SOBOL SHAPIRO LLP
Reed Kathrein
715 Hearst Avenue, Suite 300
Berkeley, CA 94710
510-725-3000
reed@hbsslaw.com

        Requests for the Notice and Claim Form should be made to:

RenovaCare, Inc. Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 205
Media, PA 19063
866-274-4004
info@strategicclaims.net
www.strategicclaims.net/renovacare

Dated: December 10, 2024

                    BY ORDER OF THE UNITED STATES
                    DISTRICT COURT FOR THE
                    DISTRICT OF NEW JERSEY

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1} All capitalized terms used in this Summary Notice that are not otherwise defined herein shall have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated September 23, 2024 (the “Stipulation”), which is available at www.strategicclaims.net/renovacare.