Revance Therapeutics Inc. Securities Fraud Investigation
Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Revance Therapeutics Inc. (“Revance” or the “Company”) (NASDAQ: RVNC) between November 25, 2019 through October 11, 2021 (the “Class Period”).
If you purchased Revance securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080.
Click here to join the class action.
Whistleblowers: Anyone with non-public information regarding Revance is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Revance, a California-based biotechnology company, engages in the development of neuromodulators for various aesthetic and therapeutic indications. Its lead drug candidate is DaxibotulinumtoxinA (“DAXI”). In November 2019, Revance issued a press release announcing that it had submitted a Biologics License Application (“BLA”) to the FDA for DAXI to treat glabellar (frown) lines.
According to a recently filed lawsuit, Revance and senior management failed to disclose that quality control deficiencies existed at the Company’s manufacturing facility for DAXI, and therefore the likelihood of FDA approval of DAXI in its current form was significantly decreased.
On October 12, 2021, Revance disclosed that it had received from the FDA a Form 483 notifying Revance of serious issues with the Company’s DAXI manufacturing facility. On this news, Revance’s stock price fell $6.85 per share, or 25%, to close at $20.45 per share on October 12.
On October 15, 2021, Revance issued a press release announcing that it had received a Complete Response Letter (“CRL”) 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’s stock price fell $8.90 per share, or 39%, to close at $13.81 per share on October 18, 2021.