MONSEY, N.Y., Aug. 12, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Revance Therapeutics, Inc. (Nasdaq: RVNC) (“Revance”) to Crown Laboratories, Inc. (“Crown”) for $6.66 per share in cash in a tender offer. The sales price is substantially below the price target for Revance of multiple Wall Street analysts, including Stacy Ku of TD Cowen with a price target of $25.00 per share, and Annabel Samimy of Stifel Nicolaus with a price target of $20.00 per share (source: TipRanks).
If you remain a Revance shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/revance-therapeutics/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On August 12, 2024, Revance announced that it had agreed to be sold to Crown Laboratories, Inc. for $6.66 per share in cash in a tender offer.
Notably, according to TipRanks, the sales price of $6.66 per share is substantially below the price target of multiple Wall Street analysts, including:
- Stacy Ku of TD Cowen ($25.00 per share)
- Annabel Samimy of Stifel Nicolaus ($20.00 per share)
- Seamus Fernandez of Guggenheim ($16.00 per share)
- Serge Belanger of Needham ($12.00 per share)
- Douglas Tsao of H.C. Wainwright ($11.00 per share)
The sales price is also below Revance’s 52-week high of $20.38 per share, which indicates that the purchase may be opportunistic.
“We are investigating whether the Revance Board of Directors acted in the best interests of Revance shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Revance shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
