Revance(US:RVNC) GlobeNewswire News Room·2025-02-04 23:00Core Viewpoint - A federal securities class action has been filed against Revance Therapeutics, Inc. for alleged misleading statements and material breaches related to its distribution agreement and merger negotiations, with a deadline for investors to seek lead plaintiff status by March 4, 2025 [1][6]. Company Overview - Revance Therapeutics entered into a distribution agreement with Teoxane SA in January 2020, granting exclusive rights to market and sell Teoxane's dermal fillers in exchange for 2.5 million shares of Revance common stock [3]. - In August 2024, Revance announced a merger agreement with Crown Laboratories, with a tender offer to acquire Revance shares at $6.66 each, valuing the company at $924 million [3]. Recent Developments - On September 23, 2024, Revance disclosed a notice of alleged material breaches regarding its distribution agreement with Teoxane, leading to a delay in Crown's tender offer and a subsequent decline in Revance's share price by 7.66% [4]. - On December 9, 2024, Revance announced an amendment to the merger agreement, reducing the tender offer price to $3.10 per share, over 50% lower than the initial offer, causing a further decline in share price by approximately 20.68% [5]. Allegations - The complaint alleges that Revance made false or misleading statements and failed to disclose material breaches of the distribution agreement, which increased the risk of litigation and negatively impacted the tender offer [6].