Class Action Lawsuit Filed on Behalf of Investors

A Revance Securities Class Action Lawsuit has been filed on behalf of investors who purchased or otherwise acquired Revance Therapeutics, Inc. (NASDAQ: RVNC) securities between November 25, 2019, and October 11, 2021 (the “Class Period”). Revance investors are encouraged to contact Gibbs Law Group for more information about their legal rights and options for participation before the February 8, 2022 lead plaintiff deadline.

To speak with an attorney regarding this class action lawsuit, click here or call (888) 410-2925.

Revance Therapeutics is a biotechnology company that develops neuromodulators for use in treating aesthetic and therapeutic indications. The company’s lead drug candidate is DaxibotulinumtoxinA for injection (“DAXI”), which is used to treat frown lines and other conditions. In November 2019, Revance issued a press release announcing that it had submitted a Biologics License Application (BLA) to the FDA for DAXI.

On October 12, 2021, the FDA responded to a Freedom of Information Act (FOIA) request and posted a heavily redacted Form 483 document from July 2021 outlining concerns with Revance’s manufacturing process for DAXI, as reported by the Morning Star. Among other discrepancies, the Form noted that the Company’s quality unit "lacks the responsibility and authority for the control, review, and approval of outsourced activities…"

Then just three days later on October 15, 2021, the FDA issued a complete response letter (CRL) declining to approve Revance’s wrinkle injection drug. Revance issued a press release that same day stating that the CRL cited “deficiencies related to the FDA’s onsite inspection at Revance’s manufacturing facility”—the same area of concern described by the Form 483 in July. Following this news, Revance’s stock price dropped over 30% in after-hours trading on October 15, 2021, and plummeted an additional 39% on October 18, 2021, causing significant harm to investors.

The Revance class action lawsuit alleges that throughout the class period, the company made “false and/or misleading statements and/or failed to disclose 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 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.”

What Should Revance Investors Do?

If you invested in Revance, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses.

About Gibbs Law Group

Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”

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