Revance Therapeutics, Inc. Class Action Lawsuit - RVNC
Case Summary
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The Revance Therapeutics class action lawsuit seeks to represent purchasers or acquirers of Revance Therapeutics, Inc. (NASDAQ: RVNC) securities between February 29, 2024 and December 6, 2024, inclusive (the “Class Period”). Captioned Matney v. Revance Therapeutics, Inc., No. 25-cv-00018 (M.D. Tenn.), the Revance Therapeutics class action lawsuit charges Revance Therapeutics and certain of Revance Therapeutics’ top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Revance Therapeutics class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Revance Therapeutics class action lawsuit must be filed with the court no later than March 4, 2025.
CASE ALLEGATIONS: Revance Therapeutics is a biotechnology company that engages in the development, manufacture, and commercialization of neuromodulators for various aesthetic and therapeutic indications. According to the Revance Therapeutics class action lawsuit, in January 2020, Revance Therapeutics entered into a distribution agreement with Teoxane SA, pursuant to which Teoxane granted Revance Therapeutics “the exclusive right to import, market, promote, sell and distribute Teoxane’s line of Resilient Hyaluronic Acid® dermal fillers . . . in exchange for 2,500,000 shares of [Revance Therapeutics] common stock” and certain other commitments by Revance Therapeutics. The complaint additionally alleges that in August 2024, Revance Therapeutics and Crown Laboratories, Inc., a privately held marketer and manufacturer of skincare products, jointly announced that they had entered into a merger agreement pursuant to which the companies would seek to merge. According to the complaint, under the terms of the agreement, Crown would commence a tender offer to acquire all outstanding shares of Revance Therapeutics common stock for $6.66 per share in cash, representing a total enterprise value of $924 million.
The Revance Therapeutics class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Revance Therapeutics was in material breach of the distribution agreement; (ii) the foregoing subjected Revance Therapeutics to an increased risk of litigation, as well as monetary and reputational harm; and (iii) all the foregoing increased the risk that the tender offer would be delayed and/or amended.
The Revance Therapeutics class action lawsuit further alleges that on September 23, 2024, Revance Therapeutics disclosed that it “received a notice to remedy alleged material breaches, including breaches of the maximum levels of buffer stock and required efforts to promote and sell Teoxane products, under the Company’s exclusive distribution agreement with Teoxane SA.” Due to the dispute with Teoxane, Revance Therapeutics further disclosed that Crown’s tender offer had been delayed until at least October 4, 2024, according to the complaint. On this news, the price of Revance Therapeutics stock fell nearly 8%, according to the complaint.
Then, on December 9, 2024, the Revance Therapeutics class action lawsuit further alleges that Revance Therapeutics disclosed that Crown and Revance Therapeutics had amended their merger agreement, and that Crown would shortly commence a tender offer to acquire all outstanding shares of Revance Therapeutics common stock for $3.10 per share in cash – a drop of over 50% in the purchase price. On this news, the price of Revance Therapeutics stock fell more than 20%, according to the Revance Therapeutics class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Revance Therapeutics securities during the Class Period to seek appointment as lead plaintiff in the Revance Therapeutics class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Revance Therapeutics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Revance Therapeutics class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Revance Therapeutics class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.