Revolution Magnificence poised to sue Co-founder over breach of fiduciary responsibility

THE WHAT? Revolution Magnificence is getting ready to sue former CEO and Co-founder, Adam Minto for breach of fiduciary responsibility, in response to a report printed by the Monetary Instances.

THE DETAILS The make-up model alleges that Minto has breached his fiduciary, statutory, contractual or tortious duties to the corporate, contributing to its failure to ship well timed audited accounts, which in flip led to its suspension from the junior Purpose market final fall.

THE WHY? Revolution mentioned in an announcement, per the Monetary Instances, “The corporate is seeking to get well materials sums regarding the distinctive prices the corporate incurred because of the issues alleged.”