SAN DIEGO, Dec. 30, 2021 /PRNewswire/ — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Revance Therapeutics, Inc. (NASDAQ: RVNC) securities between November 25, 2019 and October 11, 2021, inclusive (the “Class Period”) have until February 8, 2022, to seek appointment as lead plaintiff in Aramic LLC v. Revance Therapeutics, Inc., No. 21-cv-09585 (N.D. Cal.). Commenced on December 10, 2021 and assigned to Judge Edward J. Davila, the Revance Therapeutics class action lawsuit charges Revance Therapeutics along with certain of its top executives with violations of the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff of the Revance Therapeutics class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Revance Therapeutics class action lawsuit must be filed with the court no later than February 8, 2022.
CASE ALLEGATIONS: Revance Therapeutics is a biotechnology company engaged in the development, manufacture, and commercialization of neuromodulators for various aesthetic and therapeutic indications in the United States and internationally. Revance Therapeutics’ lead drug candidate is DaxibotulinumtoxinA for injection (“DAXI”). In November 2019, Revance Therapeutics issued a press release announcing that it had submitted a Biologics License Application (“BLA”) to the United States Food and Drug Administration (“FDA”) for DAXI to treat glabellar (frown) lines (the “DAXI BLA”).
The Revance Therapeutics class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) quality control deficiencies existed at Revance Therapeutics’ manufacturing facility for DAXI; (ii) the foregoing deficiencies decreased the likelihood that the FDA would approve the DAXI BLA in its current form; (iii) accordingly, it was unlikely that the DAXI BLA would obtain FDA approval within the timeframe Revance Therapeutics had represented to investors; and (iv) as a result, Revance Therapeutics’ public statements were materially false and misleading at all relevant times.
On October 12, 2021, Revance Therapeutics disclosed that on July 2, 2021, the FDA had issued a Form 483 notifying Revance Therapeutics of serious issues that the FDA had observed during its inspection of Revance Therapeutics’ Northern California DAXI manufacturing facility. Among other deficiencies, the FDA observed that “[t]he current manufacturing process is not the process proposed for licensure” and Revance Therapeutics’ “Quality Unit lacks the responsibility and authority for the control, review, and approval of outsourced activities.” Significantly, the Form 483 only came to light as a result of a Freedom of Information Act request directed to the FDA. On this news, Revance Therapeutics’ stock price fell by approximately 25%.
Then, on October 15, 2021, Revance Therapeutics issued a press release announcing that it had received a Complete Response Letter from the FDA, indicating that “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.” On this news, Revance Therapeutics’ stock price fell an additional 39%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Revance Therapeutics securities during the Class Period to seek appointment as lead plaintiff in the Revance Therapeutics class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Revance Therapeutics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Revance Therapeutics class action lawsuit. An investor’s ability to share in any potential future recovery of the Revance Therapeutics class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
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J.C. Sanchez, 800-449-4900
SOURCE Robbins Geller Rudman & Dowd LLP