New York, New York–(Newsfile Corp. – January 6, 2025) – The regulation agency of Kirby (NYSE:) McInerney LLP broadcasts {that a} class motion lawsuit has been filed within the U.S. District Court docket for the Center District of Tennessee on behalf of those that acquired Revance Therapeutics (NASDAQ:), Inc. (“Revance” or the “Company”) (NASDAQ: RVNC) securities throughout the interval from February 29, 2024, via December 6, 2024 (“the Class Period”). Traders have till March 4, 2025, to use to the Court docket to be appointed as lead plaintiff within the lawsuit.
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Previous to the Class Interval, in January 2020, Revance entered right into a distribution settlement (the “Distribution Agreement”) with Teoxane SA (“Teoxane”), pursuant to which Teoxane granted Revance the unique proper to import, market, promote, promote, and distribute Teoxane’s line of Resilient Hyaluronic Acid dermal fillers, in trade for two,500,000 shares of Revance widespread inventory. As well as, underneath the Distribution Settlement, Revance is required to fulfill sure minimal buy obligations and sure minimal expenditure necessities and both social gathering could terminate the Distribution Settlement within the occasion of “a material breach by the other party.”
In August 2024, Revance and Crown Laboratories, Inc. (“Crown”), a privately held marketer and producer of skincare merchandise, collectively introduced that they’d entered right into a merger settlement (the “Merger Agreement”). Underneath the phrases of the Merger Settlement, Crown would begin a young provide (the “Tender Offer”) to amass all excellent shares of Revance’s widespread inventory for $6.66 per share in money, representing a complete enterprise worth of $924 million.
On September 23, 2024, Revance disclosed in an SEC submitting that it “received a notice to remedy alleged material breaches, including breaches of the maximum level of buffer stock and required efforts to promote and sell Teoxane products, under the Company’s exclusive distribution agreement with Teoxane SA.” Because of the dispute with Teoxane, Revance suggested that Crown’s Tender Supply had been delayed till at the least October 4, 2024. On this information, the worth of Revance shares declined by $0.45 per share, or 7.66%, from $5.81 per share on September 20, 2024, to shut at $5.36 on September 23, 2024.
Then, on December 9, 2024, Revance disclosed in an SEC submitting that Crown and Revance had amended their merger settlement, and that Crown would shortly begin a young provide to amass all excellent shares of Revance’s widespread inventory for $3.10 per share in money – a discount of over 50% from the previously-announced buy worth. On this information, the worth of Revance shares declined by $0.79 per share, or roughly 20.68%, from $3.82 per share on December 6, 2024, to shut at $3.82 on December 9, 2024.
The criticism alleges that defendants, all through the Class Interval, made false and/or deceptive statements and/or did not disclose that: (1) Revance was in materials breach of the Distribution Settlement; (2) the foregoing subjected the Firm to an elevated threat of litigation, in addition to financial and reputational hurt; and (3) all of the foregoing elevated the chance that the Tender Supply can be delayed and/or amended.
For those who bought or in any other case acquired Revance securities, have info, or wish to study extra about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by e-mail at [email protected], or fill out the contact kind beneath, to debate your rights or pursuits with respect to those issues with none price to you.
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Kirby McInerney LLP is a New York-based plaintiffs’ regulation agency concentrating in securities, antitrust, whistleblower, and shopper litigation. The agency’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of {dollars}. Further details about the agency may be discovered at Kirby McInerney LLP’s web site.
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