Kirby McInerney LLP announces the filing of a securities class action on behalf of Revance Therapeutics, Inc. Investors By Investing.com

New York, New York–(Newsfile Corp. – January 06, 2025) – Kirby Law Firm (NYSE: ) McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of those who purchased Revance Therapeutics (NASDAQ:), Inc. (“Revance” or the “Company”) (NASDAQ: RVNC ) securities 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 named 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 elastic dermal fillers with hyaluronic acid in exchange for 2,500,000 common shares of Revance. Further, under the Distribution Agreement, Revance is required to meet certain minimum purchase obligations and certain minimum expenditure requirements, and either party may terminate the Distribution 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 skin care products, jointly announced that they had entered into a merger agreement (the “Merger Agreement”). Under the terms of the Merger Agreement, Crown would commence a tender offer (the “Tender Offer”) to acquire all of Revance’s common stock for $6.66 per share in cash, representing an aggregate enterprise value of $924 million.

On September 23, 2024, Revance disclosed in an SEC filing that it “received notice to correct alleged material violations, including violations of maximum intermediate inventory levels 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 announced that Crown’s Tender Offer has been delayed until at least October 4, 2024. Following this news, Revance’s stock price fell $0.45 per share, or 7.66%, to $5.81 per share. shares on September 20, 2024, closing at $5.36 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 soon initiate an offer to purchase all outstanding shares of Revance’s common stock for $3.10 per share in cash – and a discount of over 50% on the previously announced purchase price. Following this news, Revance’s stock price fell $0.79 per share, or approximately 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 Lecture Period, made false and/or misleading statements and/or failed to disclose the following: (1) Revance materially breached the Distribution Agreement; (2) the above has exposed the Company to an increased risk of litigation, as well as monetary and reputational damages; 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 investigations@kmllp.com or complete the contact form below, chat about your rights or interests in these matters at no cost to you.

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Kirby McInerney LLP is a New York-based law firm specializing in securities, antitrust, whistleblower and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found on the Kirby McInerney LLP website.

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