Kaplan Fox Alerts Revance Therapeutics Investors to a Securities Class Action Lawsuit - Deadline is March 4, 2025
NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Revance Therapeutics, Inc. ('Revance' or the 'Company') (NASDAQ: RVNC) on behalf of investors that purchased or otherwise acquired Revance securities between February 29, 2024 and December 6, 2024 (the 'Class Period').
If you are an investor in Revance and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than March 4, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
Revance is a biotechnology company and the distributor of certain dermal filler products pursuant to an exclusive distribution agreement with Teoxane SA.
On August 12, 2024, Revance issued a press release announcing that the Company had entered into a merger agreement with Crown Laboratories ('Crown'). Under the terms of the agreement, the press release indicated that Crown would commence a tender offer to acquire all outstanding shares of Revance's common stock for $6.66 per share (the 'Tender Offer').
Then, on September 23, 2024, Revance 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, the Company advised that Crown's Tender Offer had been delayed until at least October 4, 2024.
On this news, the price of Revance stock fell $.445 per share, or 7.66%, to close at $5.365 per share on September 23, 2024.
Then, on December 9, 2024, the Company disclosed that Crown and Revance had amended their merger agreement, and that Crown would commence a tender offer on December 12, 2024 to acquire all outstanding shares of Revance common stock for $3.10 per share, more than 50% lower than the original purchase price.
On this news, the price of Revance stock fell $.79 per share, or 20.68%, to close at $3.03 per share on December 9, 2024.
The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) Revance was in material breach of the Distribution Agreement; (ii) the foregoing subjected the Company 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.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
1999 Harrison Street, Suite 1560
Oakland, California 94612
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