PHILADELPHIA, March 29, 2022 (GLOBE NEWSWIRE) — Kaskela Law LLC announces that it is investigating Evolus, Inc. (“Evolus” or the “Company”) (NASDAQ: EOLS) on behalf of the Company’s long-term shareholders.
Recently an amended securities fraud complaint was filed against Evolus on behalf of investors who purchased shares of the Company’s common stock between February 1, 2019 and July 6, 2020. According to the complaint, during that time period Evolus made a series of false and misleading statements about Jeuveau, the Company’s BOTOX product.
As detailed in the amended complaint, on July 6, 2020, the International Trade Commission found that “Evolus misappropriated Medytox’s trade secrets causing substantial injury to the domestic industry.” On this news, the Company’s shares dropped to $3.35 per share over the next two trading days, representing a decline of 37%, damaging investors.
Subsequently, Evolus disclosed that in February 2021, “upon entering into certain agreements to settle intellectual property disputes relating to Jeuveau, the Company agreed to pay to Allergan and Medytox $35 [million] … and issued 6,762,652 shares of its common stock to Medytox.”
The investigation seeks to determine whether the members of Evolus’ board of directors breached their fiduciary duties to the Company and its stockholders in connection with the above alleged misconduct.
Evolus stockholders who purchased or acquired shares of the Company’s common stock prior to May 20, 2019 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email ([email protected]) or online at https://kaskelalaw.com/cases/evolus-inc/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about the firm please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
KASKELA LAW LLC
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750