Revance Therapeutics ($RVNC) Investor Settlement

The parties have reached an agreement to settle the case, but the terms are still being finalized. You can submit your application now, and it will be processed once claims filing opens.

M.D. Tennessee

Court

3:25-cv-00018

Case number

02/29/2024

Class period Start

12/06/2024

Class period End

Revance Therapeutics has agreed to a tentative settlement to resolve investor claims tied to its Teoxane dispute, delayed Crown tender offer, and related stock-price declines.

Outline:

By early 2024, Revance was relying heavily on Teoxane’s RHA fillers as other initiatives underperformed. On August 12, 2024, it announced Crown’s $6.66-per-share tender offer while still presenting the Teoxane relationship positively. Four days later, Teoxane sent a formal breach notice, and later disclosures showed harsher amended terms that hurt Revance’s outlook and led Crown to cut its price. The case has now moved to a proposed settlement.

Timeline:
January 8, 2024: Revance said it expected at least $280 million in 2024 revenue, with RHA products contributing more than half.
February 28, 2024: Revance highlighted the RHA Collection as the fastest-growing filler in the U.S. market and reaffirmed its 2024 guidance.
July 29, 2024: Revance and Teoxane shortened the cure period under their agreement from 90 days to 60 days.
August 12, 2024: Revance announced Crown’s tender offer at $6.66 per share.
September 23, 2024: Revance disclosed the Teoxane notice and said Crown had agreed to extend the tender offer deadline to October 4.
October 24, 2024: Revance entered into an amended Teoxane agreement, and Crown would not proceed on the original $6.66 terms.
December 9, 2024: Revance announced a revised tender offer at $3.10 per share.
February 2026: Revance agrees to settle the lawsuit.
Background:

Revance is an aesthetics-focused pharmaceutical company that relied heavily on Teoxane’s RHA fillers after Daxxify underperformed and other business efforts stalled. By early 2024, Teoxane products had become a critical part of Revance’s revenue base, and the company continued telling the market that the partnership was performing well.

The dispute centers on what was happening behind the scenes during 2024. Investors say Revance used aggressive promotional tactics, including large quantities of free samples, ran marketing that strayed from Teoxane’s brand rules, and cut its commercial organization so sharply that it could no longer properly support RHA sales growth. At the same time, Revance was allegedly missing sales targets and carrying too much buffer stock.

On August 12, 2024, Revance announced that Crown would acquire the company through a tender offer at $6.66 per share. But on August 16, 2024, Teoxane sent a formal breach notice tied to Revance’s promotional practices, sales performance, and inventory levels. According to the case, Revance did not disclose that notice for more than five weeks, even as the tender offer was repeatedly delayed.

The dispute with Teoxane became more serious in October 2024, when Revance agreed to amended terms that required much larger future purchase commitments and imposed stricter operating controls. Those terms were described as harmful to Revance’s future profitability and cash flow, and Crown would not continue on the original deal price after seeing them.

By November and December 2024, the market learned more about the scale of the problem. Revance disclosed higher minimum purchase obligations, said there was substantial doubt about its ability to continue as a going concern, and later announced that Crown’s revised offer was just $3.10 per share. The matter has now moved to a proposed settlement, although the available source does not state the amount or next key dates.

What Can Investors Expect Now?

Revance has agreed to a proposed settlement resolving investor claims tied to its Teoxane relationship, Crown’s delayed tender offer, and the later price cut.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.

Case Type

US Securities Class Action

Case Status

Tentative Settlement

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Filing date

01/03/2025

Lead Plaintiff Deadline

03/04/2025

Plaintiffs

Cassandra Matney

Attorneys

Bramlett Law Offices

Defendants

Mark J. Foley; Tobin C. Schilke

Trades matching type

FIFO

Frequently Asked Questions

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