Revance Therapeutics, Inc

On September 23, 2024, Revance disclosed in a filing with the U.S. Securities and Exchange Commission that it had "received a notice to remedy alleged material breaches, including breaches of the maximum levels of buffer stock and required efforts to promote and sell Teoxane products, under the Company's exclusive distribution agreement with Teoxane SA.” Revance further revealed that, “[i]n light of these discussions,” a previously announced tender offer by Crown Laboratories, Inc. (“Crown”) had been delayed until at least October 4, 2024.

On this news, Revance's stock price fell $0.44, or 7.7%, to close at $5.37 per share on September 23, 2024, thereby injuring investors.

Then, on December 9, 2024, Revance disclosed that it had amended its merger agreement with Crown, and that Crown would shortly commence a tender offer to acquire all outstanding shares of Revance’s common stock for $3.10 per share in cash – a drop of over 50% in the purchase price.

On this news, Revance’s stock price fell $0.79, or 20.7%, to close at $3.03 per share on December 9, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Revance was in material breach of the Distribution Agreement; (2) the foregoing subjected the Company to an increased risk of litigation, as well as monetary and reputational harm; (3) all the foregoing increased the risk that the Tender Offer would be delayed and/or amended; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.