Revance Therapeutics Faces Class Action Over Alleged Securities Fraud

Glancy Prongay & Murray LLP, a prominent national law firm specializing in shareholder rights, has announced a class action lawsuit on behalf of investors who bought or acquired Revance Therapeutics, Inc. (“Revance” or the “Company”) RVNC securities from February 29, 2024, to December 6, 2024, known as the “Class Period.” Investors have until March 4, 2025 to file a motion to become lead plaintiff.

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Incident Overview

On September 23, 2024, Revance filed documents with the U.S. Securities and Exchange Commission, revealing it had received notice regarding breaches of its distribution agreement with Teoxane SA. The issues were linked to buffer stock levels and promotional activities. Due to these discussions, a previously announced tender offer by Crown Laboratories, Inc. (“Crown”) was postponed until at least October 4, 2024.

Following this disclosure, Revance’s stock fell by $0.44, or 7.7%, closing at $5.37 per share on September 23, 2024. This decline impacted investors financially.

On December 9, 2024, Revance amended its merger agreement with Crown, now offering $3.10 per share for Revance’s common stock. This represented a staggering decrease of over 50% in the purchase price.

As a result, on December 9, 2024, Revance’s stock took another hit, dropping by $0.79, or 20.7%, to close at $3.03 per share, causing further injury to investors.

Details of the Lawsuit

The filed complaint alleges that during the Class Period, Revance’s Defendants made misleading statements and failed to disclose important negative information about the company’s business and future prospects. Specifically, it claims that: (1) Revance was in breach of its Distribution Agreement; (2) this breach increased litigation risks and potential harm; (3) there was a greater chance that the Tender Offer would be delayed or changed; and (4) positive statements from Defendants about Revance were misleading and lacked a substantial basis.

Further Participation in the Lawsuit

If you purchased Revance securities during the Class Period, you may request to be appointed as lead plaintiff in this class action lawsuit by March 4, 2025.

How to Get Involved or Learn More:

To receive more information about this lawsuit, or if you have any questions regarding this announcement or your rights, please reach out to:

Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles, California 90067
Email: shareholders@glancylaw.com
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit us at www.glancylaw.com.
Follow us on LinkedIn, Twitter, or Facebook.

For email inquiries, please include your mailing address, phone number, and number of shares purchased.

To be part of the Class, you don’t need to take any action now; you may choose to keep your legal counsel or remain an absent member of the Class.

This press release may be classified as Attorney Advertising in certain jurisdictions under applicable laws and ethical standards.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250106130477/en/