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The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Revance Therapeutics, Inc.. The action charges Revance with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Revance’s materially misleading statements to the public, Revance investors have suffered significant losses.
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com
REVANCE’S ALLEGED MISCONDUCT
Revance is a biotechnology company that engages in the development, manufacture, and commercialization of neuromodulators for various aesthetic and therapeutic indications. Revance’s lead drug candidate is DaxibotulinumtoxinA for injection (“DAXI”), which has completed Phase III clinical trials for the treatment of glabellar (frown) lines and cervical dystonia.
On November 25, 2019, Revance issued a press release announcing that it had submitted a Biologics License Application (“BLA”) to the FDA for DAXI. Then, on October 12, 2021, Revance issued a press release revealing that on July 2, 2021, the FDA had issued a Form 483 informing Revance of serious concerns it had discovered while inspecting one of Revance’s manufacturing facilities. Among other things, the Form 483 indicated that “[t]he current manufacturing process is not the process proposed for licensure,” and “[t]he firm’s Quality Unit lacks the responsibility and authority for the control, review, and approval of outsourced activities which includes defining the responsibilities and communication processes for quality-related activities in a written agreement.” Following this news, Revance’s stock price fell $6.85 per share, or 25%, to close at $20.45 per share on October 12, 2021.
Then, on October 15, 2021, Revance issued another press release disclosing that “[i]n a communication received on October 15, [2021,] the FDA has determined it is unable to approve the BLA in its present form, and indicated that there are deficiencies related to the FDA’s onsite inspection at Revance’s manufacturing facility.” Following this news, Revance’s stock price fell $8.90 per share, or 39.19%, to close at $13.81 per share on October 18, 2021.
WHAT CAN I DO?
Revance investors may, no later than February 8, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Revance investors who have suffered significant losses to contact the firm directly to acquire more information.
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com
