Investigation of Evolus, Inc.
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Evolus, Inc. (EOLS) Misappropriated Trade Secrets
Beginning in February 2019, Evolus began a campaign in which it promoted Jeuveau™ as a proprietary formulation of the botulinum toxic type A complex, purportedly developed by a Korean bioengineering company through years of clinical research. On July 6, 2020, the U.S. International Trade Commission (“ITC”) issued its Initial Final Determination in a case brought by Allergan, the U.S. manufacturer of Botox, and Medytox, the Korean manufacturer of a similar product, against Evolus, which claimed that Evolus stole trade secrets to develop Jeuveau. The ITC Judge determined that Evolus and its South Korean partner firm misappropriated the botulinum toxin and the manufacturing process that led to its development and manufacture. As a result, the ITC Judge recommended a ten-year long ban on Evolus’ ability to import and sell Jeuveau in the United States. On this news, Evolus’ stock dropped 37% in two days to close at $3.35 on July 8, 2020 and has yet to recover.