The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased Revance Therapeutics, Inc. (“Revance” or the “Company”) (NASDAQ: RVNC) securities between February 29, 2024 and December 6, 2024, inclusive (the “Class Period”). Revance investors have until March 4, 2025 to file a lead plaintiff motion.
IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN REVANCE THERAPEUTICS, INC. (RVNC), CLICKHERETO CONTACT THE LAW OFFICES OF FRANK R. CRUZ TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
What Happened?
On September 23, 2024, Revance disclosed in a filing with the U.S. Securities and Exchange Commission that it had "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.” Revance further revealed that, “[i]n light of these discussions,” a previously announced tender offer by Crown Laboratories, Inc. (“Crown”) had been delayed until at least October 4, 2024.
On this news, Revance's stock price fell $0.44, or 7.7%, to close at $5.37 per share on September 23, 2024, thereby injuring investors.
Then, on December 9, 2024, Revance disclosed that it had amended its merger agreement with Crown, and that Crown would shortly commence a tender offer to acquire all outstanding shares of Revance’s common stock for $3.10 per share in cash – a drop of over 50% in the purchase price.
On this news, Revance’s stock price fell $0.79, or 20.7%, to close at $3.03 per share on December 9, 2024, thereby injuring investors further.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Contact Us To Participate or Learn More:
If you purchased Revance securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us at:
Law Offices of Frank R. Cruz
212 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
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