According to the Complaint, Revance Therapeutics, Inc. is a biotechnology company that develops, manufactures, and commercializes neuromodulators for various aesthetic and therapeutic indications in the U.S. and internationally. This lawsuit was filed against Revance and two of its Officers.

In January 2020, Revance entered into a distribution agreement with Teoxane SA, pursuant to which Teoxane granted Revance “the exclusive right to import, market, promote, sell and distribute Teoxane’s line of Resilient Hyaluronic Acid dermal fillers.

In August 2024, Revance and Crown Laboratories, Inc., a privately held marketer and manufacturer of skincare products, jointly announced that they had entered into a merger agreement pursuant to which the companies would seek to merge. Under the terms of the Merger Agreement, Crown would commence a 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.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed 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.