NEW YORK, United States — Revlon's continued cash burn, disappointing fourth-quarter sales and a delayed 10-K filing that may reveal a "material weakness" in its financial reporting controls sent shares plummeting as much as 18 percent post-market Monday -- pleasing no one but the bears.

And bears there are aplenty. Revlon short interest is more than 32 percent of the float, according to S3 data. That’s about 2.26 million shares out of 7 million shares.

Eighty-six percent of the shares outstanding are owned by chairman Ronald Perelman, according to Bloomberg data. That makes for an ownership structure that leaves the stock “inherently volatile,” according to Jefferies analyst Stephanie Wissink, the only sell-side analyst covering the beauty company.

Meanwhile, the stock has been pummeled in the last month, sinking 27 percent as recent industry data showed worsening sales trends for Revlon’s brands. The company’s debt also made new intraday lows. There’s an issue with “total liquidity vs cash needs,” Bloomberg Intelligence credit analyst Noel Hebert said a couple of weeks ago when the beauty company extended the maturity date on its revolver.

As for the latest quarterly results, sales sank 5.7 percent year-over-year, with declines in every portfolio except prestige brand Elizabeth Arden. “Our concerns around sales and profit trajectory arise from the continued weakness in the mass channel in North America where Revlon faces increased investments to defend space,” Wissink wrote in a note. In addition, cash burn continues, and there is “limited flexibility” in the model, she said. The analyst has a hold rating on the stock and slashed the 12-month price target to $18 per share from $24.

After Perelman, the next largest holder is Mittleman Brothers, with a 5.4 percent equity holding. According to Mittleman’s website, Revlon was the firm’s second largest position, as of December 31, representing 15.9 percent of its portfolio.

By Janet Freund; Editors: Catherine Larkin, Scott Schnipper