Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Evolus To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - November 1, 2020) - If you suffered losses exceeding $100,000 investing in Evolus stock or options between February 1, 2019 and July 6, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/EOLS or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Evolus, Inc. ("Evolus" or the "Company") (NASDAQ:EOLS) and reminds investors of the December 15, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and failing to disclose to investors that: (1) the real source of botulinum toxin bacterial strain as well as the manufacturing processes used to develop Jeuveau™ originated with and were misappropriated from Medytox;
(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 United States 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.
Specifically, on July 6, 2020, the U.S. International Trade Commission ("ITC") Court issued its Final Initial Determination on the question of Evolus' alleged violation of section 337 of the Tariff Act of 1930, in misappropriating certain trade secrets from Medytox. The ITC Court found that Evolus misappropriated Medytox's trade secrets which caused substantial injury to the domestic industry. Additionally, the ITC Court found that Daewoong misappropriated certain trade secrets relating to the manufacturing processes of the relevant botulinum toxin strain. As a remedy, the ITC Court recommended a limited exclusion order preventing Evolus from importing Jeuveau™ into the United States for ten years and a cease and desist order that would prevent Evolus from marketing and selling Jeuveau™ in the United States, also for a period of ten years.
On this news, the Company's shares dropped to $3.35 per share over the next two trading days, representing a loss of 37%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Evolus's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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