LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Evolus, Inc. (“Evolus” or the “Company”) (NASDAQ: EOLS) securities between February 1, 2019 and July 6, 2020, inclusive (the “Class Period”). Evolus investors have until December 15, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 6, 2020, the U.S. International Trade Commission (“ITC”) issued its Final Initial Determination in a case alleging that Evolus stole certain trade secrets to develop Jeuveau™. The ITC Judge found that Evolus misused the botulinum toxin strain as well as the manufacturing processes that led to its development and manufacture. As a result, the ITC Judge recommended a ten-year long ban on Evolus’ ability to import Jeuveau™ into the United States and a ten-year long cease and desist order preventing Evolus from selling Jeuveau™ in the United States.
On this news, Evolus’s share price declined dramatically, falling 37% over the course of two trading days, to close at $3.35 on July 8, 2020, thereby injuring investors.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the actual source of botulinum toxin bacterial strain, along with the manufacturing processes used to develop Jeuveau, originated with and were misappropriated from Medytox; (2) that adequate evidentiary support existed for the allegations that the Company misappropriated certain trade secrets relating to the botulin toxin strain and the manufacturing processes for the development of Jeuveau; (3) as a result, Evolus faced a actual danger of regulatory and/or court action, ceasing the import, marketing, and sale of Jeuveau; (4) which in turn jeopardized the Company’s ability to commercialize Jeuveau in the United States and generate revenue; and (5) that any revenues generated from the sale of Jeuveau were based on Evolus' unlawful actions, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox; and (6) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
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If you purchased Evolus securities during the Class Period, you may move the Court no later than December 15, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Evolus securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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