The makeup company’s shares traded wildly, at one stage dropping 34 per cent.

Over the weekend, Revlon argued that there is no need for an official equity holders committee in its Chapter 11 reorganisation.

Revlon told shareholders it’s unlikely they’ll receive much from the bankruptcy.

Volatility on Revlon is especially high in general.

Last week, Revlon shares moved higher after Morgan Stanley disclosed that it increased its stake in the cosmetics company. 

It’s not all bad news – the stock is still worth more than triple where the shares stood in June after the company’s bankruptcy report was first announced.