Revance Therapeutics Inc (NASDAQ: RVNC) Investor Securities Class Action Lawsuit 06/10/2015

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Company Name(s): 
Revance Therapeutics
Case Name: 
Revance Therapeutics Shareholder Class Action Lawsuit 06/10/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: RVNC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/10/2015
Date Settled: 
01/06/2017
Settlement Amount: 
$6,400,000
Deadline to Participate in Settlement: 
06/05/2017
Summary: 

The settlement includes all persons and entities that purchased or otherwise acquired Revance Therapeutics Inc (NASDAQ: RVNC) common stock during June 19, 2014 and May 1, 2015, and pursuant and/or traceable to the Registration Statement and prospectus for the company's June 19, 2014 Public Offering.

August 1, 2017 - The court approved the settlement.

January 6, 2017 - The court preliminarily approved the settlement.

October 31, 2016 - Parties filed a stipulation of settlement.

June 10, 2015 - An investor in shares of Revance Therapeutics Inc (NASDAQ: RVNC) filed a lawsuit over alleged violations of Federal Securities Laws by Revance Therapeutics Inc regarding certain allegedly false and misleading statements made in connection with Revance Therapeutics Inc’s June 19, 2014 follow-on public stock offering.

According to the complaint the plaintiff alleges on behalf of purchasers of Revance Therapeutics Inc (NASDAQ: RVNC) common stock in its June 19, 2014 follow-on public stock offering, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Registration Statement issued in connection with the June 19, 2014 follow-on public stock offering allegedly failed to disclose, among other things, that Revance Therapeutics Inc had not commenced a Phase 3 clinical trial of RT0001—its lead product under development for the treatment of wrinkles around the eyes—in the first quarter of 2014, and that Revance Therapeutics Inc did not have the quality or quantity of RT001 on hand sufficient to complete and successful Phase 3 clinical trial.

Revance Therapeutics Inc went public in February 2014 and shares of Revance Therapeutics Inc (NASDAQ: RVNC) grew to as high as $37.76 per share in March 2014.

On June 19, 2014 Revance Therapeutics Inc (NASDAQ: RVNC) announced the pricing of its underwritten public offering of 4,000,000 shares of its common stock at a price to the public of $30.50 per share pursuant to a registration statement filed with the Securities and Exchange Commission (“SEC”).

Shares of Revance Therapeutics Inc (NASDAQ: RVNC) grew to $33.56 per share on June 27, 2014 but declined over the next months to as low as $15.45 per share in October 2014, respectively $15.51 per share in November 2014.