LOS ANGELES, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 15, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who 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”).
If you suffered a loss on your Evolus investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/evolus-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
Evolus is a direct competitor with Botox, which is manufactured by Allergan plc and Allergan Inc. (collectively, "Allergan") and distributed by Medytox Inc. ("Medytox"). Botox has been the gold standard of the industry since its approval by the U.S. Food and Drug Administration ("FDA") more than twenty years ago.
On July 6, 2020, the Initial Final Determination was issued by the U.S. International Trade Commission (“ITC”) in a case brought by Allergan and Medytox against Evolus, asserting that Evolus stole certain trade secrets to develop Jeuveau™. The ITC Judge determined that the Company misappropriated 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 the Company’s 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, the Company’s share price declined significantly, falling 37% over the course of two trading days, to close at $3.35 on July 8, 2020, thereby injuring investors.
The complaint filed in this class action 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 that: (1) the real source of botulinum toxin bacterial strain, along with the manufacturing processes used to develop Jeuveau, originated with and were misappropriated from Medytox; (2) sufficient 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, the Company faced a real threat of regulatory and/or court action, barring 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 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.
If you purchased or otherwise acquired Evolus securities during the Class Period, you may move the Court no later than December 15, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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