Revolution Beauty Group PLC (AIM:REVB) has reached a settlement with Chrysalis Investments Ltd (LSE:CHRY) over allegations made by the make-up firm's former shareholder last year.
Revolution on Thursday said it had agreed to pay “a non-material sum” to Chrysalis to settle the dispute “without any admission of liability by either party”.
Growth capital fund Chrysalis had taken a near-£40 million hit in late 2022 when it sold a £5.7 million stake in Revolution, bought the previous year for £45.0 million.
Chrysalis subsequently accused Revolution of “misstatements and material omissions” in information provided before it bought into the company.
A legal claim to recoup £45.2 million was also threatened by Chrysalis, while Revolution disputed the accusations.
Revolution added on Thursday that no case had ever been filed and that Chrysalis would not proceed with any claims following the settlement.