Struggling Revolution Beauty will be investigated over its inability to complete its audit quickly enough
Struggling Revolution Beauty will be investigated over its failure to complete its audit quickly enough.
Law firm Macfarlanes and consultants Forensic Risk Alliance will launch an investigation into the company after its auditor, BDO, expressed “serious concerns” about its failure to publish an audit report for the last financial year.
Shares in Revolution were suspended from the London Stock Exchange last month after its financial results were further delayed.
Probe: Revolution’s shares were suspended from the London Stock Exchange last month after its financial results were further delayed
The investigation will also look into the validity of certain business arrangements made by the beauty brand and is expected to last several months.
Derek Zissman, a non-executive director, and chief financial officer Elizabeth Lake will form a committee to lead the process with independent advisers.
He said: “We will continue to keep investors and stakeholders fully informed as the process continues.”
The company warned that its financial results would be significantly below market expectations.