Overview

A class action lawsuit has been filed against Renewable Innovations, Inc. (“Renewable Innovations” or the “Company”) (OTC BB: REII) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The Renewable Innovations class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Renewable Innovations’ common stock (some represented by depositary shares) on the open market on a U.S. stock, or through private transactions during the period December 1, 2022 through the date in which Renewable Innovations’ stock was delisted from all trading platforms for failure to comply with U.S. Securities and Exchange Commission (“SEC”) filing requirements on September 14, 2023 (the “Class Period”).  Investors have until November 26, 2024, to seek appointment as lead plaintiff in the Renewable Innovations class action lawsuit.

Renewable Innovations, a Delaware corporation, was incorporated on June 28, 2019, and began operations in 2021.  On December 1, 2022, it was acquired by Nestbuilder.com Corp., a Nevada corporation, through a merger with NB Merger Corp., making Renewable Innovations a wholly owned subsidiary.  Following the merger, Renewable Innovations, Inc. (Delaware) became Renewable Innovations Corp., while Nestbuilder.com Corp. (Nevada) was renamed Renewable Innovations, Inc.

Renewable Innovations is now a Nevada corporation with its principal place of business in Lindon, Utah.  The Company focuses on designing, developing, and producing modular, scalable, zero-carbon renewable energy solutions, with an initial emphasis on mobile and stationary rapid charging for electric vehicles.  It claimed a competitive advantage due to its deep engineering expertise and strategic partnerships, including an alleged collaboration agreement with General Motors for fuel cells and batteries.

The Renewable Innovations class action lawsuit alleges that the Company positioned itself as a key player in the hydrogen market, focusing on designing and building hydrogen fuel cell power systems.  However, it has since been revealed that the Company’s leadership, particularly the directors and officers, engaged in fraudulent activities that significantly harmed the Company and its shareholders.  The lawsuit alleges that the executive officers selected an inexperienced accounting firm to manage the Company’s finances, failed to supervise the firm’s efforts, and abandoned all attempts to correct their gross mismanagement.  This negligence resulted in the Company’s delisting from the OTCQB, loss of access to public capital markets, and a complete loss for shareholders, who could no longer trade their stock under Rule 144 of the Securities Act of 1933.

In addition to this financial mismanagement, Defendants knowingly breached agreements with customers by using deposits for personal gain instead of purchasing materials necessary to fulfill orders.  This caused unfulfilled orders, decreased customer trust, and a sharp reduction in future business, which compounded the Company’s financial problems.  To hide their wrongdoing, Defendants concealed these issues from the public and potential investors, opting for a secretive deal with FNA Group Inc. to transfer most of Renewable Innovations’ assets to cover up their fraud and repay personal loans.  The failure to meet SEC filing requirements exacerbated the situation, with the Company’s stock plummeting 46% after admitting errors in its financial reports.

Despite being given a grace period to correct its filings, Renewable Innovations failed to issue restated financial statements or comply with SEC regulations.  This led to its permanent delisting, leaving shareholders with worthless investments and wiping out approximately $75,000,000 in value.  Defendants’ fraudulent actions, including financial mismanagement, misuse of customer funds, and concealment, caused substantial harm to both the Company and its investors.

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If you purchased or otherwise acquired Renewable Innovations’ common stock (some represented by depositary shares) on the open market on a U.S. stock, or through private transactions during the period December 1, 2022 through the date in which Renewable Innovations’ stock was delisted from all trading platforms for failure to comply with the SEC filing requirements on September 14, 2023, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the Renewable Innovations class action lawsuit is November 26, 2024.