Revance(US:RVNC) Prnewswire·2025-02-04 20:55Core Viewpoint - A class action lawsuit has been filed against Revance Therapeutics, Inc. and certain officers for alleged violations of federal securities laws during the Class Period from February 29, 2024, to December 6, 2024, seeking damages for affected investors [1][6]. Company Overview - Revance Therapeutics is a biotechnology company focused on developing, manufacturing, and commercializing neuromodulators for aesthetic and therapeutic applications in the U.S. and internationally [3]. Legal Proceedings - The class action lawsuit is filed in the United States District Court for the Middle District of Tennessee, seeking to recover damages under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [1]. - Investors who purchased Revance securities during the Class Period have until March 4, 2025, to request appointment as Lead Plaintiff [2]. Distribution Agreement - In January 2020, Revance entered into a distribution agreement with Teoxane SA, granting exclusive rights to market and distribute Teoxane's Resilient Hyaluronic Acid® dermal fillers in exchange for 2,500,000 shares of Revance common stock [4]. - Revance is obligated to meet minimum purchase and expenditure requirements, with potential termination rights for Teoxane in case of material breaches by Revance [4]. Merger Agreement - In August 2024, Revance announced a merger agreement with Crown Laboratories, with Crown proposing a tender offer to acquire all outstanding shares of Revance for $6.66 per share, totaling an enterprise value of $924 million [5]. Allegations in the Lawsuit - The lawsuit alleges that Revance made materially false and misleading statements regarding its business and operations, including being in material breach of the distribution agreement with Teoxane, which increased litigation risks and affected the tender offer [6]. - On September 23, 2024, Revance disclosed receiving a notice regarding alleged material breaches, leading to a delay in Crown's tender offer [7]. Stock Price Impact - Following the disclosure of the breach notice, Revance's stock price fell by $0.445 per share, or 7.66%, closing at $5.365 per share on September 23, 2024 [8]. - On December 9, 2024, Revance announced an amended merger agreement with Crown, reducing the tender offer price to $3.10 per share, a decrease of over 50% [8]. - This news led to a further decline in Revance's stock price by $0.79 per share, or 20.68%, closing at $3.03 per share on December 9, 2024 [9].