Investor Files Class Action Lawsuit Against Evolus, Inc. (EOLS); Evolus Shareholders Urged to Contact The Law Offices of Timothy L. Miles
HENDERSONVILLE, TN / October 19, 2020/ The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, announces a federal securities class action has been filed in the Southern District of New York on behalf of all investors who purchased or otherwise acquired common stock of Evolus, Inc. (“Evolus” or the “Company”) (NASDAQ: EOLS) from February 1, 2019 to July 6, 2020, inclusive (the “Class Period”). The Evolus class action lawsuit was commenced on October 16, 2020 in the Southern District of New York and is captioned Malakouti v. Evolus, Inc., No. 20-cv-08647. If you are a shareholder who suffered a loss, click here to participate.
The lawsuit seeks to recover damages for Evolus investors under the federal securities laws. Investors who purchased the Company’s securities during the Class Period are encouraged to contact the firm beforeDecember 15, 2020.
Evolus Accused of Misleading Shareholders
Headquartered in Newport Beach, California, Evolus is a medical aesthetics company that develops, produces, and markets clinical neurotoxins for the treatment of aesthetic concerns. Evolus’ sole product is Jeuveau™, a purified botulinum toxin used to improve the appearance of moderate to severe frown lines.
Evolus directly competes with Botox®, which is manufactured by Allergan plc and Allergan Inc. (collectively, “Allergan”) and distributed by Medytox Inc. (“Medytox”). Botox® has been the gold standard of the industry since its approval by the U.S. Food and Drug Administration (“FDA”) more than two decades ago. On January 30, 2019, Allergan and Medytox filed a complaint against Evolus in the U.S. International Trade Commission (“ITC”), accusing Evolus of having developed Jeuveau™ by using trade secrets stolen from Medytox.
The Complaint alleges that Evolus made false and misleading statements to the public throughout the Class Period and failed to disclose that: (1) the real source of botulinum toxin bacterial strain as well as the manufacturing processes used to develop Jeuveau™ originated with and were misappropriated from Medytox; (2) sufficient evidentiary support existed for the allegations that Evolus misappropriated certain trade secrets relating to the botulin toxin strain and the manufacturing processes for the development of Jeuveau™; (3) as a result, Evolus faced a real threat of regulatory and/or court action, prohibiting the import, marketing, and sale of Jeuveau™; (4) which in turn seriously threatened Evolus’ ability to commercialize Jeuveau™ in the United States and generate revenue; and (5) any revenues generated from the sale of Jeuveau™ were based on Evolus’ unlawful activities, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox.
On July 6, 2020, Judge David Shaw of the ITC issued a preliminary ruling, siding with Allergan and Medytox and recommending a 10-year ban on Jeuveau™ imports to the United States. On this news, Evolus’ shares fell from $37% over the course of two days, to close at $3.35 on July 8, 2020.
Evolus Shareholders Urged to Contact the Firm
If you purchased Evolus securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to email@example.com or click here to participate. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely awarded the recognition of American’s Most Honored Lawyers 2020 – Top 1% by the American Registry. Mr. Miles was also recently selected by Martindale-Hubbell® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®,their highest rating for both legal ability and ethics. Mr. Miles is amember of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).
SOURCE: The Law Offices of Timothy L. Miles
Leading the Fight to Protect Shareholder Rights for Over 19 Years