Revance Therapeutics, Inc.

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Revance Therapeutics, Inc. (“Revance” or the “Company”) (NASDAQ: RVNC) and reminds investors of the March 4, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Revance was in material breach of the Distribution Agreement; (ii) the foregoing subjected the Company to an increased risk of litigation, as well as monetary and reputational harm; (iii) all the foregoing increased the risk that the Tender Offer would be delayed and/or amended; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

On September 23, 2024, Revance disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that it "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". Due to the dispute with Teoxane, Revance advised that Crown's Tender Offer had been delayed until at least October 4, 2024.

On this news, Revance's stock price fell $0.445 per share, or 7.66%, to close at $5.365 per share on September 23, 2024.

Then, on December 9, 2024, Revance disclosed in an SEC filing that Crown and Revance had amended their merger agreement, 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.

Market analysts were quick to comment on the reduced Tender Offer purchase price. For example, on December 9, 2024, Reuters published an article entitled "Revance agrees to lower take-private offer by Crown Labs," which quoted an analyst from the investment banking firm Stifel as stating "[t]his significant devaluation is a reflection of multiple forced errors, starting with the failed launch strategy for Daxxify and ensuing reputational damage to Revance's relationships to the surprise merger announcement near all-time lows, then leading to accusations of breach of contract with Teoxane."

On this news, Revance's stock price fell $0.79 per share, or 20.68%, to close at $3.03 per share on December 9, 2024.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Revance’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Revance Therapeutics class action call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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