I do not see Renovacare ever being a legitimate 'competitor' to...

I do not see Renovacare ever being a legitimate 'competitor' to AVITA Medical and RECELL after their recent fraud charges. They have a nice looking website, but that's about it. Never sold a single unit, not one. Investigational use only and very limited research - says on their site in the 70's of cases only Vs volumes of research, publications and many thousands of cases treated successfully with RECELL. Would need a successful clinical trial and then FDA approval so even if everything went their way with the legal proceedings would still be years down the track before their first unit sold (would results of their clinical trial, if positive, be deemed trustworthy given by the greater medical and investment community given their track record?).

The recent charges are significant and the filing from the Southern District New York Court is available online. I have a copy just don't see a way to attach it here - happy to do so if someone can point out if a pdf can be attached.

Their current planed clinical trial announced only recently by Renovacare has already taken a hit from these charges and I found that least one site (UMC Burn Centre at University Medical Centre New Orleans) has put this association and trial on hold based on these charges. Others may already have followed suit or are likely to do so as associations with entities charged with fraud can be damaging to organisations and individuals. There were only 4 agreed centres listed by Renovacare.

It may be very difficult for them to ever regain legitimacy after this (if they ever had it) - and probably rightly so in my opinion. If fined, which will be significant in monetary terms, will they be able to survive the financial hit with their less than enviable track record I don't see investors lining up again. This appears to always have been a company aimed at making a few people rich by defrauding the system.

This company is no comparison to AVITA Medical which has a esteemed record of professionalism and integrity and despite all the negative comments here (jealousy at successful individuals within the company who get paid well - typical tall poppy syndrome) this company is light years ahead of any competitor their dominant footprint in this space is, in my opinion, going to be a resounding success.

Litigation Release No. 25102/ May 28, 2021

Securities and Exchange Commission v. Harmel S. Rayat and RenovaCare, Inc., No. 21-cv-4777 (S.D.N.Y. May 28, 2021)

The Securities and Exchange Commission charged RenovaCare, Inc., a development stage company headquartered in New Jersey, and its controlling shareholder, Harmel S. Rayat, with securities fraud for intentionally concealing Rayat and the company's role in promotional activities, including by drafting and issuing a press release that denied their participation in those activities.

The SEC's complaint, filed in federal court in the Southern District of New York, alleges that in July 2017, Rayat arranged, and caused RenovaCare to pay for, a promotional campaign designed to increase the company's stock price. The complaint alleges that 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. According to the complaint, in January 2018, OTC Markets Group, Inc. requested RenovaCare issue a press release 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.

The SEC's complaint charges Rayat and RenovaCare with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and also charges Rayat with aiding and abetting the company's violations of those provisions. The complaint also charges RenovaCare with violating the reporting provisions of Exchange Act Section 15(d) and Rules 15d-11 and 12b-20 thereunder. The SEC seeks permanent injunctions and civil penalties against Rayat and RenovaCare, and officer-and-director and penny stock bars against Rayat.

The SEC's investigation was conducted by Darren E. Long and Daniel Weinstein, with assistance from Brian Shute and Jessica Regan in Enforcement's Office of Investigative and Market Analytics, and supervised by Brian O. Quinn and Carolyn M. Welshhans. The litigation will be led by Matt Scarlato and supervised by Jan Folena.