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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 securities of Revance Therapeutics (NASDAQ:), Inc. (“Revance” or the “Company”) (NASDAQ: RVNC) during the period from February 29, 2024, to 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 case.
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Prior to the Group Term, in January 2020, Revance entered into a distribution agreement (the “Distribution Agreement”) with Teoxane SA (“Teoxane”), pursuant to which Teoxane granted Revance an exclusive right to import to nationalize, 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 Distribution Agreement, Revance is required to meet certain minimum purchase requirements and certain minimum usage requirements and either party may terminate the Distribution Agreement in the event of a “breach the legal one is someone else.”
In August 2024, Revance and Crown Laboratories, Inc. (“Crown”), an independent retailer and manufacturer of leather products, have jointly announced that they have entered into a merger agreement (the “Merger Agreement”). Under the terms of the Merger Agreement, Crown would initiate a tender offer (“Tender Offer”) to acquire all of the outstanding shares of Revance common stock for $6.66 per share in cash, which representing a total business value of 924 million.
On September 23, 2024, Revance disclosed in an SEC filing that it “received a notice to correct the alleged violations, including the violation of the maximum buffer stock and the necessary 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 the Crown Tender is delayed until at least October 4, 2024. In this news, the price of Revance shares decreased by $0.45 per share, or 7.66%, from to $5.81 per share on September 20. , 2024, to close at $5.36 on September 23 2024.
Then, on December 9, 2024, Revance disclosed in an SEC filing that Crown and Revance have amended their merger agreement, and that Crown will soon begin an offer to acquire all of the outstanding shares of Revance common stock in $3.10 per share in cash – a discount of more than 50% from the previously mentioned price. In this news, Revance’s share price decreased by $0.79 per share, or approximately 20.68%, from $3.82 per share on December 6, 2024, to $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 violation of the Distribution Agreement; (2) the foregoing has exposed the Company to increased risk of litigation, as well as financial and reputational damage; and (3) all of the foregoing increased the risk that the Tender Offer would be delayed and/or modified.
If you have purchased or otherwise acquired Revance securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investments@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 focusing on securities, antitrust, whistleblowing and consumer litigation. The firm’s efforts at the shareholders’ level in financial matters have resulted in the return of billions of dollars. More information about the firm can be found on the Kirby McInerney LLP website.
This press release may be considered Attorney Disclosure in other jurisdictions under applicable law and ethics.
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