Robbins LLP is Investigating Allegations that Revance Therapeutics, Inc. (RVNC) Misled Investors Regarding its Business Prospects

Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Revance Therapeutics, Inc. (NASDAQ: RVNC) securities between February 29, 2024 and December 6, 2024. Revance is a biotechnology company that develops, manufactures, and commercializes neuromodulators for various aesthetic and therapeutic indications in the U.S. and internationally.

The Allegations

According to the complaint, during the class period, defendants failed to disclose that: (i) Revance was in material breach of the Distribution Agreement with Teoxane SA; (ii) the foregoing subjected the Company to an increased risk of litigation, as well as monetary and reputational harm; (iii) all the foregoing increased the risk that the Tender Offer by Crown Laboratories, Inc. would be delayed and/or amended; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

The complaint alleges that on September 23, 2024, Revance disclosed in an SEC filing 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 advised that Crown’s Tender Offer had been delayed until at least October 4, 2024. On this news, Revance’s stock price fell 7.66%, to close at $5.365 per share on September 23, 2024.

Then, on December 9, 2024, Revance disclosed in an SEC filing that Crown and Revance had amended their merger agreement, and that Crown would commence a tender offer to acquire all outstanding shares of Revance's common stock for more than 50% below the original purchase price. On this news, Revance's stock price fell 20.68%, to close at $3.03 per share on December 9, 2024.

What Now: You may be eligible to participate in the class action against Revance Therapeutics, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by March 4, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.