New York, New York–(Newsfile Corp. – November 25, 2020) – Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, has filed a federal securities class action in the United States District Court for the Southern District of New York on behalf of its client and all similarly situated investors who purchased or otherwise acquired common stock of Evolus Inc. (“Evolus” or the Company”) (NYSE: EOLS) from February 1, 2019 to July 6, 2020, inclusive (the “Class Period”). The class action alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §§ 78j(b) and 78t(a) and Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. § 240.10b-5. The class action is titled In re Evolus Securities Litigation, No. 1:20-cv-08647 (S.D.N.Y.).
Evolus is a California based medical aesthetics company. The Company and its South Korean partner, Daewoong Pharmaceutical Co. (“Daewoong”) developed Jeuveau, a competitor to Allergan’s Botox. Jeuveau has recently become a strong, more affordable competitor of Botox.
On July 6, 2020, Judge David Shaw of the International Trade Commission issued a preliminary ruling in a trade secrets action accusing Evolus and Daewoong of having developed Jeuveau, using trade secrets stolen from Allergan’s partner company, Medytox. In a non-binding decision, the judge sided with Allergan and Medytox and recommended a 10-year ban on Jeuveau imports to the United States.
On this news, shares of Evolus fell sharply, from $5.55 to close at $3.25, on July 7, 2020, representing a loss of more than 41%.
If you have suffered a net loss of more than $50,000 from investment in Evolus’ common stock from February 1, 2019 to July 6, 2020, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff, by contacting Christian Levis at [email protected] or by calling 914-733-7220 or Andrea Farah at [email protected] or by calling 914-733-7256.
About Lowey Dannenberg
Since its inception in 1967, Lowey has specialized in the prosecution of complex civil class action lawsuits and has grown into one of the most successful shareholder litigation firms in the field. Its investor litigation group has recovered billions of dollars in the aggregate and has achieved landmark, long-term corporate governance changes at public companies. Over decades of zealous advocacy, Lowey has developed a profound knowledge of securities and antitrust class action litigation.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68944