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 for those who acquired 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 appointed lead plaintiff in the lawsuit.

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Prior to the Class Stage, in January 2020, Revance entered into a distribution agreement (the “Distribution Agreement”) with Teoxane SA (“Teoxane”), pursuant to which Teoxane provided Revance with the exclusive right to import, sell, 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 obligations and certain minimum spending requirements and either party may terminate the Distribution Agreement if there is “a material violation of the other party.”

In August 2024, Revance and Crown Laboratories, Inc. (“Crown”), a privately held marketer and manufacturer of skin care products, jointly announced that they have entered into a merger agreement (the “Merger Agreement”). Under the terms of the Merger Agreement, Crown will initiate a tender offer (the “Tender Offer”) to acquire all outstanding shares of Revance’s common stock for $6.66 per share in cash, representing a total enterprise value of $924 million.

On September 23, 2024, Revance disclosed in an SEC filing that it “received notice to remedy alleged material violations, including violations of maximum buffer stock levels and required improvement efforts and sales of Teoxane products, under the Company’s exclusive distribution agreement with Teoxane SA.” Due to the Teoxane dispute, Revance has advised that the Tender Offer to Crown has been delayed until at least October 4, 2024. On this news, the price of Revance shares decreased by $ 0.45 per share, or 7.66%, from $ 5.81 per share on September 20, 2024, which will close at $5.36 on September 23, 2024.

Subsequently, on December 9, 2024, Revance disclosed in an SEC filing that Crown and Revance had amended their merger agreement, and that Crown would soon begin a tender offer to acquire all of outstanding shares of Revance common stock for $3.10 per share in cash – a reduction of more than 50% from the previously announced purchase price. On 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 is in material breach of the Distribution Agreement; (2) the foregoing subjects the Company to an increased risk of litigation, as well as monetary and reputational damage; and (3) all of the foregoing increases the risk that the Tender Offer will be delayed and/or modified.

If you have purchased or purchased Revance securities, have information, or would like to know more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or write to contact form below, to discuss your rights or interests in relation to these matters at no charge to you.

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

This press release may be considered Attorney Advertising in some jurisdictions under applicable law and ethical rules.

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