NEW YORK, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Revance Therapeutics, Inc. (NASDAQ: RVNC), Shattuck Labs, Inc. (NASDAQ: STTK), and Standard Lithium Ltd. (NYSEAMERICAN: SLI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Revance Therapeutics, Inc. (NASDAQ: RVNC)
Class Period: November 25, 2019 – October 11, 2021
Lead Plaintiff Deadline: February 8, 2022
Revance, a biotechnology company, engages in the development, manufacture, and commercialization of neuromodulators for various aesthetic and therapeutic indications in the United States and internationally. The Company’s lead drug candidate is DaxibotulinumtoxinA for injection (“DAXI”), which has completed phase III clinical trials for the treatment of glabellar (frown) lines and cervical dystonia; is in phase II clinical trials to treat upper facial lines, moderate or severe dynamic forehead lines, and moderate or severe lateral canthal lines; and has completed Phase II clinical trials for the treatment of adult upper limb spasticity and plantar fasciitis.
On October 12, 2021, Revance disclosed that on July 2, 2021, the U.S. Food and Drug Administration (“FDA”) had issued a Form 483 notifying Revance of serious issues that the FDA had observed during its inspection of the Company’s Northern California DAXI manufacturing facility. Among other deficiencies, the FDA observed that “[t]he current manufacturing process is not the process proposed for licensure” and Revance’s “Quality Unit lacks the responsibility and authority for the control, review, and approval of outsourced activities[.]” Significantly, the Form 483 only came to light as a result of a Freedom of Information Act (FOIA) request directed to the FDA. On this news, the price of the Company’s shares declined by $6.85 per share, or approximately 25%, from $27.30 per share to close at $20.45 per share on October 12, 2021.
On October 15, 2021, Revance issued a press release announcing that it had received a Complete Response Letter (“CRL”) from the FDA, indicating that the FDA has determined “it is unable to approve the BLA in its present form and indicated that there are deficiencies related to the FDA’s onsite inspection at [Revance’s] manufacturing facility.” On this news, the price of the Company’s shares declined by $8.90 per share, or approximately 39.19%, from $22.71 per share to close at $13.81 per share on October 18, 2021.
The lawsuit alleges throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) quality control deficiencies existed at the Company’s manufacturing facility for DAXI; (ii) the foregoing deficiencies decreased the likelihood that the FDA would approve the DAXI BLA in its current form; (iii) accordingly, it was unlikely that the DAXI BLA would obtain FDA approval within the timeframe the Company had represented to investors; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Revance Therapeutics class action go to: https://bespc.com/cases/RVNC
Shattuck Labs, Inc. (NASDAQ: STTK)
Class Period: October 9, 2020 IPO; October 9, 2020 – November 9, 2021
Lead Plaintiff Deadline: April 1, 2022
According to the lawsuit, the materials supporting the IPO and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Collaboration Agreement with Takeda was not solid; (2) Takeda and Shattuck would “mutually agree” to terminate the Collaboration Agreement in essentially one year; (3) as a result, Shattuck would cease to receive any future milestone, royalty, or other payments from Takeda; and (4) as a result, defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Shattuck Labs class action go to: https://bespc.com/cases/STTK
Standard Lithium Ltd. (NYSEAMERICAN: SLI)
Class Period: May 19, 2020 – November 17, 2021
Lead Plaintiff Deadline: March 28, 2022
Standard Lithium explores for, develops, and processes lithium brine properties in the U.S. The Company’s flagship project is the Lanxess project with approximately 150,000 acres of brine leases located in south-western Arkansas.
On May 19, 2020, Standard Lithium announced the successful start-up of the Company's industrial-scale Direct Lithium Extraction Demonstration Plant at Lanxess’s South Plant facility in southern Arkansas (the “Demonstration Plant”), a purportedly “first-of-its-kind plant” using Standard Lithium's proprietary LiSTR Direct Lithium Extraction (“LiSTR”) technology. According to the Company, one of the key features of the LiSTR technology was that it increased lithium recovery efficiencies to more than 90%.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the LiSTR technology's extraction recovery efficiencies were overstated; (ii) accordingly, the Company's final product lithium recovery percentage at the Demonstration Plant would not be as high as the Company had represented to investors; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
On November 18, 2021, Blue Orca Capital published a short report (the “Blue Orca Report” or the “Report”) alleging that Standard Lithium's claims of achieving of 90% extraction rates of battery grade lithium at its Arkansas demonstration site are not supported by previously undisclosed data filed by the Company with the state regulator, which indicated significantly lower recovery rates.
Following publication of the Blue Orca Report, Standard Lithium’s common share price fell $1.86 per share, or 18.84%, to close at $8.01 per share on November 18, 2021.
For more information on the Standard Lithium investigation go to: https://bespc.com/cases/SLI
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
