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Kylie Jenner is in some serious trouble.
The reality star has been praised in the past for the success of her beauty company, Kylie Cosmetics, but it’s starting to look like there’s a lot more to criticize than applaud.
Most recently, Coty, Kylie Cosmetics’ parent company, is being accused of “inflating” the company’s value and “deceiving shareholders.” Yikes!
Keep reading for all the details!
According to the Fashion Law, Coty is currently being sued for overpaying for Jenner's beauty brand.
Here's what the suit claims: "Despite being no stranger to beauty brand acquisitions, Coty did not have adequate processes and procedures in place to assess and properly value the P&G Specialty Beauty Business and Kylie Cosmetics acquisitions, [and] as a result, Coty overpaid for [them]."
Crystal Garret-Evans, one of Coty's shareholders, argues that the company was engaged in "a fraudulent scheme and course of business that operated [to deceive] purchasers of Coty shares by disseminating materially false and/or misleading statements and/or concealing material adverse facts … about Coty’s business, operations, and prospects."
The lawsuit also refers to the May 2020 Forbes article that revoked Kylie's "billionaire" status.
The article states, "A more realistic accounting of her personal fortune puts it at just under $900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status."
Kylie has not commented on this lawsuit, but she did respond to Forbes back in May, tweeting, "what am i even waking up to. i thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i’ve never asked for any title or tried to lie my way there EVER. period."
