Ademi LLP is investigating Revance (NASDAQ: RVNC) for possible breaches of fiduciary duty and other violations of law in its transaction with Crown.
Revance stockholders will receive only $6.66 per share in cash, representing a total enterprise value of $924 million. The transaction agreement unreasonably limits competing transactions for Revance by imposing a significant penalty if Revance accepts a competing bid. Revance insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Revance’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.