Revolution Beauty is facing a new probe by the City watchdog (FCA) over potential breaches of market abuse dating back two years.
In a notice to the stock exchange over the weekend, the online beauty retailer, which has recently been embroiled in a public spat with 26.6 per cent largest single shareholder, Manchester’s Boohoo Group, revealed that it had been notified of the move by the FCA.
It said the watchdog “has commenced an investigation into potential breaches of the Market Abuse Regulation (EU) 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018) in relation to certain matters in the period from July 2021 to September 2022.”
The business said it was co-operating fully with the Financial Conduct Authority which is looking at a period from July 2021 to September 2022, with further announcements set to be made as appropriate.
It is the latest setback for Revolution after its shares were suspended for nine months due to an accounting scandal which has seen it take legal action against its founder and former CEO, Adam Minto.
