Welcome to the Revance Securities Litigation Website
This website has been established to provide general information regarding the proposed settlement of the action entitled City of Warren Police and Fire Retirement System v. Revance Therapeutics, Inc., et al., Case No. 1-15-CV-287794, pending before the Superior Court of the State of California, County of Santa Clara (the "Litigation"). The capitalized terms used on this website and not defined herein shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated October 31, 2016, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased or otherwise acquired Revance Therapeutics, Inc. ("Revance" or the "Company") common stock during the period beginning on June 19, 2014 and ending on May 1, 2015, and pursuant and/or traceable to the Registration Statement and Prospectus for the Company's June 19, 2014 public offering.
As more fully described in the Notice of Proposed Settlement of Class Action (the "Notice"), on May 1, 2015, City of Warren Police and Fire Retirement System filed a complaint for violations of the federal securities laws against Defendants in the Superior Court of California for the County of San Mateo.
Plaintiff, which purchased Revance common stock issued in connection with Revance’s follow-on public offering on or about June 19, 2014, alleged that Defendants issued a materially false and misleading Registration Statement and Prospectus that misled investors regarding Revance’s clinical trial program, design and formulation for RT001, a physician-applied topical botulinum toxin type A treatment. Defendants deny that the Registration Statement and Prospectus contained any false or misleading statements.
On June 5, 2015, Defendants removed the case to federal court pursuant to 28 U.S.C. §1441(a). On August 31, 2015, the case was remanded back to the state court. On October 5, 2015, Defendants filed a Notice of Motion and Motion to Transfer Venue. On October 20, 2015, the parties entered into a stipulation transferring the action to this Court. The Litigation was transferred on November 4, 2015.
The parties thereafter agreed to attend a mediation session conducted by a third-party neutral, the Hon. Layn R. Phillips (Ret.). In advance of the mediation, the parties voluntarily exchanged non-public documents, which were reviewed and analyzed. Plaintiff and Defendants then submitted and exchanged mediation and reply statements summarizing their respective positions. The mediation session was held on July 26, 2016. While the Settling Parties did not reach an agreement to settle the Litigation at the mediation, the Settling Parties continued their negotiations through Judge Phillips. These efforts culminated with the Settling Parties agreeing to settle the Litigation for $6,400,000 in cash.
The Settlement, if approved, will result in the creation of a cash settlement fund of $6,400,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the "Settlement Fund") and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees, expenses, and payment to Plaintiff for its time and expenses in representing the Class that may be approved by the Court, will be distributed to eligible Class Members pursuant to the Plan of Allocation that is described in the Notice.
The law firms of Robbins Geller Rudman & Dowd LLP and Vanoverbeke Michaud & Timmony, P.C. represent you and other Class Members. These lawyers are called Plaintiff’s Counsel. These lawyers will apply to the Court for payment of attorneys’ fees and expenses from the Settlement Fund; you will not be otherwise charged for their work. If you want to be represented by your own lawyer, you may hire one at your own expense.
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
|SUBMIT A PROOF OF CLAIM FORM POSTMARKED NO LATER THAN JUNE 5, 2017
||The only way to get a payment.
|EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN APRIL 19, 2017
||Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Defendants and their Related Persons relating to the claims in this case.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTON POSTMARKED NO LATER THAN APRIL 19, 2017
||Write to the Court about why you don't like the Settlement.
|GO TO A HEARING ON MAY 19, 2017 AT 9:00 AM
||Speak in Court about the fairness of the Settlement.
||Get no payment. Give up your rights.
|Submit a Claim Form:
||June 5, 2017
||April 19, 2017
|File an Objection:
||April 19, 2017
|Court Hearing on Fairness of Settlement:
||May 19, 2017 at 9:00 a.m.