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Cohen Milstein Investigates Evolus, Inc. on Shareholders' Behalf

·4 min read

NEW YORK, NY / ACCESSWIRE / November 20, 2020 / Cohen Milstein Sellers & Toll PLLC is investigating Evolus, Inc. (NASDAQ:EOLS) ("Evolus" or the "Company") following the filing of a class action lawsuit alleging violations of federal securities law.

If you purchased Evolus shares between February 1, 2019 and July 6, 2020 (the "Class Period") and suffered an economic loss, you may wish to contact Cohen Milstein Partner Steven J. Toll at (202) 408-4600 or stoll@cohenmilstein.com to discuss your legal rights and options.

To serve as lead plaintiff, you must file a motion with the court by December 15, 2020. You are not required to file a lead plaintiff motion to take part in the litigation, however.

The lawsuit, which alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by Evolus and certain of the Company's officers and directors, was filed in the U.S. District Court for the Southern District of New York by another law firm.

Evolus is a medical aesthetic company that develops, manufactures, and markets clinical neurotoxins. The claims in the lawsuit arise from a ruling by the International Trade Commission ("ITC") that Evolus misappropriated trade secrets to develop its sole lead product, Jeuveau™, which defendants had touted throughout the Class Period as a proprietary formation of the botulin toxin.

The complaint alleges that defendants made false and misleading statements and/or failed to disclose that: (1) the real source of botulinum toxin bacterial strain and the manufacturing processes used to develop Jeuveau™ originated with and were misappropriated from Medytox, Inc., the manufacturer of the botulinum toxic strain Botox®; (2) sufficient evidentiary support existed for the allegations that Evolus 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 real threat of regulatory and/or court action prohibiting the import, marketing, and sale of Jeuveau™; which in turn (4) seriously threatened Evolus' ability to commercialize Jeuveau™ in the U.S. and generate revenue; and (5) any revenues generated from the sale of Jeuveau™ were based on Evolus' unlawful activities, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox.

The truth about the fraud emerged on July 6, 2020, when the ITC issued a Final Initial Determination finding that Evolus had misappropriated trade secrets for Jeuveau™ and its manufacturing process. The ITC recommended actions preventing Evolus from importing, marketing, or selling Jeuveau™ in the U.S. for 10 years. The Company's share price fell from $5.32 on July 6, 2020 to $3.86 on July 7, 2020 and to $3.35 on July 8, 2020.

Cohen Milstein encourages investors who acquired Evolus shares or options from February 1, 2019 and July 6, 2020 or former employees with information about this matter to contact us prior to the December 15, 2020 lead plaintiff deadline.

A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your share in any recovery will not be enhanced or diminished by whether you decide to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action or may do nothing and remain an absent class member.

Cohen Milstein has significant experience representing investors in securities class actions, having acted as lead counsel in hundreds of cases and recovered billions of dollars for plaintiffs since 1969. With more than 100 attorneys in offices in Washington, D.C., New York City, Chicago, Philadelphia, Palm Beach Gardens, Fla., and Raleigh, N.C., the firm is active in major litigation pending in federal and state courts throughout the nation. For more information visit www.cohenmilstein.com.

If you have any questions about this notice, the action, or your rights, please contact either of the following:

Steven J. Toll, Esq.
Josh Kluger
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com or jkluger@cohenmilstein.com
Prior results do not guarantee a similar outcome. This may be considered Attorney Advertising.

SOURCE: Cohen Milstein Sellers & Toll PLLC

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