NEW YORK, Nov. 08, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Polished.com, Inc. (“Polished” or the “Company”) POL securities pursuant and/or traceable to the registration statement issued in connection with Polished’s July 2020 initial public offering (“IPO”) and/or those who acquired Polished securities between July 27, 2020 and August 25, 2022 (the “Class Period”). Investors have until December 30, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Polished operates as an online consumer goods retailer. The Company offers microwave ovens, grills, fridges, dishwashers, dryers, space heaters, rugs, garbage disposals, furniture, and other home improvement products.
On July 27, 2020, Polished conducted its IPO, issuing 1,111,200 shares at $9.00 per share.
On March 29, 2021, the Company filed with the SEC a current report on Form 8-K in which it disclosed that the Company’s previous financial statements for the quarters ended June 30, 2019 and 2020, the quarters ended September 30, 2019 and 2020, and the year ended December 31, 2019 should no longer be relied upon. On this news, the price of Polished shares declined from $9.00 to close at $8.63 on March 30, 2021.
On August 15, 2022, Polished disclosed that it was incapable of filing its second quarter 2022 report in a timely fashion due to an investigation into “certain allegations made by certain former employees related to the Company’s business operations.” On this news, the price of Polished shares declined from $1.51 to close at $0.97 on August 16, 2022.
On August 25, 2022, Polished announced that it was no longer in compliance with NYSE American rules due to its failure to timely file its quarterly report and that it was given an extension to regain compliance. On this news, the price of Polished shares declined from $0.80 to close at $0.74 on August 26, 2022.
If you purchased or otherwise acquired Polished securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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