Revolution Beauty Group said on Tuesday it had sent a letter of claim to founder and former chief executive officer Adam Minto in May, alleging he breached fiduciary and other duties and that the company was looking to recover “material sums” in related costs.
Revolution Beauty said it had not received a substantive response from Minto or his representatives, adding that it has set a deadline of July 7 for a response.
Minto could not immediately be reached for comment.
UK-based Revolution Beauty, which retails makeup and skin care, said it was “looking to recover material sums relating to the exceptional costs it incurred due to matters alleged,” which contributed to the delay in the audit of the firm’s full-year results and the suspension of its shares from trading.
It did not give details on the amount it was looking to recover.
The company’s shares had tanked in August last year and were suspended from trading on Sept. 1 after its auditors questioned its financial accounts, and the company failed to publish its 2022 annual results.
It then launched an independent investigation into concerns that had emerged during the audit, leading to the eventual resignation of executive chairman Tom Allsworth and CEO Adam Minto.
By Chandini Monnappa and Eva Mathews; Editors Varun H K and Nivedita Bhattacharjee
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