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Revance Therapeutics, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses. March 4, 2025 Deadline to file Lead Plaintiff Motion.
Globe Newswire 25-Feb-2025 3:50 PM
Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 25, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Revance Therapeutics, Inc. ("Revance Therapeutics" or the "Company") (NASDAQ:RVNC) investors of a class action representing investors that bought securities between February 29, 2024 and December 6, 2024, inclusive (the "Class Period"). Revance Therapeutics investors have until March 4, 2025to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses.
Revance Therapeutics is a biotechnology company focused on developing, manufacturing, and commercializing neuromodulators for aesthetic and therapeutic applications. According to the Revance Therapeutics class action lawsuit, the company entered into a distribution agreement with Teoxane SA in January 2020. Under this agreement, Teoxane granted Revance the exclusive right to import, market, promote, sell, and distribute its Resilient Hyaluronic Acid® dermal fillers in exchange for 2,500,000 shares of Revance's common stock and other commitments.
The lawsuit further alleges that in August 2024, Revance announced a merger agreement with Crown Laboratories, Inc., a private skincare products manufacturer. Under the agreement, Crown planned to acquire all outstanding shares of Revance common stock for $6.66 per share in cash, valuing the company at approximately $924 million.
The class action lawsuit claims that, throughout the Class Period, Revance made false or misleading statements and failed to disclose that it was in material breach of its distribution agreement with Teoxane. This breach exposed the company to a heightened risk of litigation, financial losses, and reputational damage. These issues also increased the likelihood of delays or amendments to Crown's tender offer.
According to the lawsuit, on September 23, 2024, Revance disclosed that it had received a notice from Teoxane regarding alleged material breaches, including failure to maintain required buffer stock levels and to sufficiently promote and sell Teoxane's products. Due to this dispute, Revance announced that Crown's tender offer would be delayed until at least October 4, 2024. Following this news, Revance's stock price fell nearly 8%.
On December 9, 2024, Revance disclosed that it had amended its merger agreement with Crown, which reduced the tender offer price to $3.10 per share—a more than 50% drop from the original offer. Following this announcement, Revance's stock price fell by more than 20%, according to the lawsuit.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
