Kaskela Law LLC is investigating Evolus, Inc. (“Evolus” or the “Company”) (NASDAQ: EOLS) on behalf of the Company’s long-term stockholders.
Recently an amended securities fraud complaint was filed against Evolus on behalf of certain investors who purchased shares of the Company’s common stock between February 1, 2019 and July 6, 2020. According to the complaint, during that time period Evolus made a series of false and misleading statements about Jeuveau, the Company’s BOTOX product.
As detailed in the amended complaint, on July 6, 2020, the International Trade Commission found that “Evolus misappropriated Medytox’s trade secrets causing substantial injury to the domestic industry.” On this news, the Company’s shares dropped to $3.35 per share over the next two trading days, representing a decline of 37%, damaging investors. Subsequently, Evolus disclosed that in February 2021, “upon entering into certain agreements to settle intellectual property disputes relating to Jeuveau, the Company agreed to pay to Allergan and Medytox $35 [million] … and issued 6,762,652 shares of its common stock to Medytox.”
The investigation seeks to determine whether the members of Evolus’ board of directors breached their fiduciary duties to the Company and its stockholders in connection with the above alleged misconduct.
Current Evolus stockholders who purchased or acquired shares of the Company’s common stock prior to May 20, 2019 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, for additional information about this investigation and their legal rights and options.