October 16, 2020 - An investor in shares of Evolus, Inc. (NASDAQ: EOLS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Evolus, Inc. in connection with certain allegedly false and misleading statements made between February 1, 2019 to July 6, 2020.

Newport Beach, CA based Evolus, Inc., a performance beauty company, provides medical aesthetic products for physicians and their patients in the United States. An International Trade Commission judge issued a preliminary ruling on trade secrets action involving Evolus, Inc. on July 6, 2020. The non-binding decision sided with Allergan and its partner Medytox in finding that the Company and its South Korean partner firm Daewoong developed its Jeuveau product using stolen trade secrets. The judge recommended a 10-year ban on the importation of Jeuveau into the United States. Shares of Evolus, Inc. (NASDAQ: EOLS) declined from $29.40 per share in April 2019, to as low as $3.00 per share on July 9, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Evolus, Inc. (NASDAQ: EOLS) common shares between February 1, 2019 to July 6, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 1, 2019 to July 6, 2020, Evolus made false and misleading statements to the public and failed to disclose that 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, that 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™, that as a result, Evolus faced a real threat of regulatory and/or court action, prohibiting the import, marketing, and sale of Jeuveau™, that which in turn seriously threatened Evolus’ ability to commercialize Jeuveau™ in the United States and generate revenue, and that 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.