New York, New York–(Newsfile Corp. – January 6, 2025) – The law firm of Kirby (NYSE:) McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of those who obtained the papers The financials of Revance Therapeutics (NASDAQ:), Inc. (“Revance” or the “Company”) (NASDAQ: RVNC) during the period from February December 29, 2024 through December 6, 2024 (the “Class Period”). Investors have until March 4, 2025 to submit a request to the court to be appointed as lead plaintiff in the lawsuit.
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Prior to the Class Period, in January 2020, Revance entered into a distribution agreement (“Distribution Agreement”) with Teoxane SA (“Teoxane”), pursuant to which Teoxane granted Revance the exclusive right to import, market, promote, sell, and distribute the Teoxane line of elastomeric dermal fillers. with hyaluronic acid, in exchange for 2,500,000 shares of Revance common stock. In addition, under the Distribution Agreement, Revance is required to meet certain purchase obligations and minimum spending requirements and either party may terminate the Distribution Agreement in the event of a “material breach by the other party.”
In August 2024, Revance and Crown Laboratories, Inc. announced (“Crown”), a privately held marketer and manufacturer of skin care products, has jointly entered into a merger agreement (“Merger Agreement”). Under the terms of the Merger Agreement, Crown will initiate a tender offer (the “Tender Offer”) to acquire all of the outstanding shares of Revance common stock for $6.66 per share in cash, representing an aggregate enterprise value of $924 million.
On September 23, 2024, Revance disclosed in a filing with the Securities and Exchange Commission that it “received notice of correction of the alleged material violations, including violations of the maximum buffer stock level and required efforts to promote and sell Teoxane products, under the Company’s exclusive distribution agreement with Teoxane S.A.” ” Due to the dispute with Teoxane, Revance has advised that Crown's tender offer has been postponed until at least October 4, 2024. Based on this news, Revance's stock price decreased $0.45 per share, or 7.66%, from $5.81 per share on September 20, 2024, to close at $5.36 on September 23, 2024.
Subsequently, on December 9, 2024, Revance disclosed in a Securities and Exchange Commission filing that Crown and Revance had amended their merger agreement, and that Crown would soon initiate a tender offer to acquire all of the outstanding shares of Revance common stock for $3.10 per share in cash – A discount of more than 50% off the previously announced purchase price. On this news, Revance's stock price fell $0.79 per share, or approximately 20.68%, from $3.82 per share on December 6, 2024, to close at $3.82 on December 9, 2024.
The Complaint alleges that Defendants, throughout the Class Period, 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 exposes the Company to increased risk of litigation, as well as financial and reputational damage; (3) All of the foregoing increases the risk that the tender offer will be delayed and/or modified.
If you purchased or acquired Revance securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP via email at: questions@kmllp.com, or fill out Contact form below, discuss your rights or interests in relation to these matters at no cost to you.
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Kirby McInerney LLP is a New York-based law firm focusing on securities, antitrust, whistleblower, and consumer litigation. The Company's efforts on behalf of shareholders in securities class actions have resulted in recoveries totaling billions of dollars. Additional information about the company can be found on the Kirby McInerney LLP website.
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