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 US District Court for the Middle District of Tennessee on behalf of the acquirers of Revance Therapeutics (NASDAQ: ), Inc. (“Revance” or the “Company”) (NASDAQ: RVNC) securities during the period from February 29, 2024, through December 6, 2024 (the “Class Period”). Investors have until March 4, 2025, to apply to the Court to be appointed as the lead plaintiff in the lawsuit.
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Prior to the Class Period, in January 2020, Revance entered into a distribution agreement (the “Distribution Agreement”) with Teoxane SA (“Teoxane”), pursuant to which Teoxane granted Revance the exclusive right to import, market, promote, sell, and distribute Teoxane's line of Resilient Hyaluronic Acid dermal fillers, in exchange for 2,500,000 shares of Revance common stock. In addition, under the Share Agreement, Revance is required to meet certain minimum purchase obligations and certain minimum spending requirements and either party may terminate the Share Agreement in the event of a “material breach by the other party.”
In August 2024, Revance and Crown Laboratories, Inc. (“Crown”), a privately held retailer and manufacturer of skincare products, have jointly announced that they have entered into a merger agreement (the “Merger Agreement”). Under the terms of the Merger Agreement, Crown will initiate a tender offer (the “Tender Offer”) to acquire all outstanding shares of Revance's common stock for $6.66 a share in cash, representing a total enterprise value of $924 million.
On September 23, 2024, Revance announced in an SEC filing that “it received a notice to correct the alleged violations, including the violation of the high buffer stock level and the required efforts to promote and sell Teoxane products, under the exclusive distribution agreement of the Company and Teoxane SA. of the dispute with Teoxane, Revance suggested that the Crown's Tender Offer be delayed until at least October 4, 2024. On this news, Revance's share price decreased by $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.
Then, on December 9, 2024, Revance announced in an SEC filing that Crown and Revance have finalized their merger agreement, and that Crown will soon begin a tender offer to acquire all outstanding shares of Revance common stock for $3.10 per share. a price drop of more than 50% from the previously announced purchase price. On this news, Revance's share price decreased by $0.79 per share, or about 20.68%, from $3.82 per share on December 6, 2024, to close at $3.82 on December 9, 2024.
The Complaint alleges that the defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose that: (1) Revance was in breach of the Assignment Agreement; (2) the foregoing exposes the Company to increased risk of litigation, and financial and reputational damage; and (3) all of the above increase the risk that the Tender Offer may be delayed and/or modified.
If you have purchased or received Revance warrants, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigatives@kmllp.com, or fill out the contact form below, to discuss your rights or interests regarding these matters at no cost to you.
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Kirby McInerney LLP is a New York-based litigation law firm specializing in securities, antitrust, whistleblowing, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in the recovery of billions of dollars. Additional information about the firm can be found on the Kirby McInerney LLP website.
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