One of the major meme stocks of the summer, Revlon (NYSE: REV), had one of its many eventful days on Wednesday. Following a legal ruling that temporarily halted trading in the shares, the cosmetics company's volatile stock closed the day down by nearly 12%.

That morning, U.S. Bankruptcy Judge David Jones ruled against a request from minority Revlon shareholders for the company to form a special committee to represent their interests.

A group of such investors had filed the request in order to protect the value of Revlon stock. But Jones said they did not sufficiently demonstrate that there was "a substantial likelihood of a recovery." He added that a rising share price alone is not enough to justify the creation of such a committee.

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Source Fool.com