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RVNC.US
id: 1459
Revance Therapeutics (RVNC) Distribution Agreement Misrepresentation Case
M.D. Tennessee
Court3:25-cv-00018
Case number02/29/2024
Class period Start12/06/2024
Class period End03/04/2025
Lead Plaintiff motion deadline- $RVNC investors filed a lawsuit against Revance Therapeutics, alleging it misled shareholders about compliance with a critical distribution agreement and the risks to an ongoing merger deal.
- On September 23, 2024, Revance disclosed material breaches in its agreement with Teoxane SA and delays to a planned merger with Crown Laboratories. Following this, $RVNC dropped 7.66%.
Case Details:
Between February 29, 2024, and December 6, 2024, Revance assured investors that it was complying with its agreement with Teoxane SA, which gave the company exclusive rights to distribute Teoxane’s dermal fillers in the U.S. Revance claimed it was meeting all purchase and marketing requirements under the deal.
However, on September 23, 2024, Revance revealed that Teoxane had accused the company of breaching the agreement by failing to meet inventory and promotional obligations. These issues raised concerns about Revance’s operations and delayed Crown Laboratories’ planned merger with the company.
Then, on December 9, 2024, Revance announced that the merger agreement had been renegotiated, cutting the purchase price from $6.66 to $3.10 per share—a drop of more than 50%. Analysts blamed this drastic reduction on Revance’s mismanagement, including product launch failures and damage to its reputation.
Following the announcement, $RVNC fell another 20.68%.
Based on these events, $RVNC investors filed a lawsuit against Revance Therapeutics, claiming the company:
- It misled investors about compliance with the Teoxane distribution agreement.
- It downplayed risks to the Crown Laboratories merger resulting from operational issues.
Investors believe Revance misled them about its compliance with the Teoxane agreement and the risks to the Crown merger.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
12/09/2024
Filing date
01/03/2025
Lead Plaintiff Deadline
03/04/2025