Revolution Beauty Group PLC said it is considering legal action against its founder and former CEO Adam Minto.
The company said it issued the statement to provide shareholders with relevant information ahead of its AGM on 27 June.
Last month, Minto was made aware in a letter that he had breached fiduciary, statutory, contractual and/or tortious duties to the company, with some of the alleged issues contributing to the delay of its 2022 full-year results and its suspension on AIM as a result.
Revolution Beauty is seeking to recover “material sums” relating to costs incurred by the company due to Minto’s claimed breaches.
As of the date of this announcement, no response had been received from Minto or his representatives, with a deadline of 7 July to respond to claims in the letter.
The company also said it intends to make an announcement in the coming days in response to boohoo Group PLC.
Yesterday, boohoo, which owns 26.6% of Revolution, said it will vote against the reinstatement of CEO Bob Holt and several other senior members at the AGM.