HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Revance Therapeutics (RVNC) Investors to Contact Firm’s Attorneys, Deadline Approaching in Securities Class Action
SAN FRANCISCO, Jan. 08, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Revance Therapeutics, Inc. (NASDAQ: RVNC) investors to with significant losses to submit your losses now.
Revance Therapeutics, Inc. (RVNC) Securities Class Action:
The complaint alleges that Defendants misrepresented and omitted material facts concerning the manufacturing and regulatory approval of Revance’s lead product candidate DAXI for treatment of eyebrow frown lines.
Specifically, Defendants concealed that: (i) quality control deficiencies existed at the Company’s manufacturing facility for DAXI; (ii) the foregoing deficiencies decreased the likelihood that the FDA would approve the DAXI Biologics License Application (BLA) in its current form; (iii) accordingly, it was unlikely that the DAXI BLA would obtain FDA approval within the timeframe the Company had represented to investors; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
The truth emerged on Oct. 12, 2021, when Revance revealed that on July 2, 2021, the FDA had issued a Form 483 informing Revance of serious issues it discovered during its inspection of Revance’s Northern California manufacturing facility. Among other deficiencies, the FDA observed that “[t]he current manufacturing process is not the process proposed for licensure” and Revance’s “Quality Unit lacks the responsibility and authority for control, review, and approval for outsourced activities[.]”
On this news, Revance’s stock price fell $6.85 per share, or 25%, injuring investors.
“We’re focused on investors’ losses and whether Revance lied about the manufacturing of- and commercial prospects for- DAXI,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Revance Therapeutics and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Revance Therapeutics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email RVNC@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895