A securities class action has been filed in the USDC — M.D.TN. against Revance Therapeutics, Inc. (RVNC) (“Revance ” or the “Company”), on behalf of all persons or entities who purchased or otherwise acquired Revance securities between February 29, 2024 and December 6, 2024, both dates inclusive (the “Class Period”).
Revance is a biotechnology company that develops, manufactures, and commercializes neuromodulators for various aesthetic and therapeutic indications in the U.S. and internationally. In January 2020, Revance entered into a distribution agreement (the “Distribution Agreement”) with Teoxane SA (“Teoxane”), pursuant to which Teoxane granted Revance “the exclusive right to import, market, promote, sell and distribute Teoxane’s line of Resilient Hyaluronic Acid® dermal fillers, which include: (i) the RHA® Collection of dermal fillers and (ii) the RHA® Pipeline Products in the U.S., U.S. territories and possessions, in exchange for 2,500,000 shares of [Revance] common stock” and certain other commitments by Revance.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Revance was in material breach of the Distribution Agreement;
(2) the foregoing subjected the Company to an increased risk of litigation, as well as monetary and reputational harm;
(3) all the foregoing increased the risk that the Tender Offer would be delayed and/or amended; and
(4) as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
As a result, Revance’s stock price fell $0.79 per share, or 20.68%, to close at $3.03 per share on December 9, 2024.
If you purchased Revance securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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