Evolus, Inc. (NASDAQ: EOLS) – Breach of Fiduciary Duties Investigation
Have You Held Evolus Stock Since May 20, 2019? Evolus Investors May Have Legal Claims Against The Company’s Officers and Directors.
Kehoe Law Firm, P.C. is investigating whether the board of directors of Evolus, Inc. (“Evolus” or the “Company”) (NASDAQ: EOLS) breached their fiduciary duties to Evolus and its stockholders.
An amended securities fraud complaint was filed on behalf of investors who purchased Evolus common stock between February 1, 2019 and July 6, 2020, both dates inclusive (the “Class Period”) and who held such shares on March 4, 2019, and/or March 4, 2020 and/or July 6, 2020 and suffered compensable damages thereby (the “Class”).
The amended compliant alleges, among other things, that Evolus made materially false and misleading statements about its injectible botulinum neurotoxin product Jeuveau, which is used to treat wrinkles.
On July 6, 2020, the Initial Final Determination was issued by the United States 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 materially, falling 37% over the course of two trading days, to close at $3.35 on July 8, 2020.
Investors Who Have Held Evolus Stock Since May 20, 2019 May Have Legal Claims
If you have held Evolus stock since May 20, 2019, please contact Kehoe Law Firm, P.C., Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], for a free, confidential consultation and no-obligation evaluation of potential legal claims.
