Losses: Chrysalis Investments accused Revolution Beauty of ‘deceit, negligent misstatement and/or misrepresentation’
One of Revolution Beauty’s former investors has stepped up its legal battle after accusing the make-up company of ‘deceit’.
Chrysalis Investments took a £45million stake in the firm in July 2021, but sold the shares in 2022 for just £5.7million after their value collapsed.
The investor has since accused Revolution Beauty of ‘deceit, negligent misstatement and/or misrepresentation’ at the time of the share purchase.
And in an update yesterday, Chrysalis said it ‘has not been satisfied with the limited responses received from Revolution Beauty and its legal advisers to date’.
Chrysalis is making a claim of £39million against Revolution, plus a further claim of £6.2million for ‘consequential losses’.
Revolution said it ‘strongly contests’ the allegations and will consider a response with its own lawyers. Shares plunged 11.8 per cent yesterday to 27.25p, taking losses since it listed in 2021 to 84 per cent.
