Revolution Beauty to suspend stock trading on accounting concerns

Revolution Beauty Group said on Friday trading in its shares will be suspended from Sept. 1 as the beauty products maker does not expect to release its 2022 results by Aug. 31 after auditors flagged accounting issues.

The news comes days after British online fashion retailer Boohoo acquired a nearly 13% stake in Revolution Beauty Group, making it the third-largest shareholder.

Shares in Revolution Beauty Group plunged 41% to 15.5 pence.