Investing.com -- Revolution Beauty in a statement on Thursday said that it has reached a confidential settlement with Chrysalis Investments, bringing an end to the ongoing dispute between the two companies.
As part of the settlement, Revolution Beauty has agreed to pay Chrysalis a "non-material sum," which the company has clarified will "will not have a material impact on the Company’s financial and cash position."
The payment amount is less than 1% of Chrysalis’ market capitalization. This settlement follows a series of exchanges between the two parties, including pre-action correspondence and the receipt of draft particulars of claim from Chrysalis’ legal team earlier in the year.
These claims, which were strongly contested by Revolution Beauty, were never filed in court, and the two companies have now decided to resolve the matter without further litigation.
Revolution Beauty has made it clear that the settlement comes with no admission of liability on either side.
Following the announcement of the settlement, shares of Revolution Beauty surged by more than 13% in early trading.
Both parties have opted to keep the specifics of the settlement confidential, with no further details disclosed about the terms beyond the agreed-upon payment amount.