NEW YORK, Nov. 02, 2022 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Polished.com Inc. f/k/a 1847 Goedeker Inc. (“Polished.com” or the “Company”) POL GOED))). A class action complaint has been filed on behalf of investors that purchased or otherwise acquired Polished.com securities pursuant or traceable to the Company’s Registration Statement for its July 2020 initial public offering (“IPO”) or purchased Polished.com securities between July 27, 2020 and August 26, 2022 (the “Class Period”).
If you acquired Polished.com securities during the Class Period and would like to discuss our investigation or your rights to recover losses, please click below:
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If you are a member of the proposed Class, you may move the court no later than December 30, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
According to the Complaint, Polished.com purports to be a content driven and technology enabled shopping destination for appliances, furniture, and home goods.
On or about July 27, 2020, Polished.com conducted its IPO issuing more than 1.1 million shares at $9.00 per share.
On August 15, 2022 after-market hours, Polished.com notified investors in a press release and Form 12b-5 filing with the SEC that it would not timely file its quarterly report on Form 10-Q for the period ended June 30, 2022 because the Company required additional time to complete a newly announced investigation. The August 15 press release states, among other things, as follows:
“[T]he Audit Committee of the Company’s Board of Directors, with the assistance of independent legal counsel and consultants, has commenced an internal investigation regarding certain allegations made by certain former employees related to the Company’s business operations.”
Following this news, Polished.com shares fell over 35% from a closing price of $1.51 on August 15, 2022 to close at $0.97 on August 16, 2022.
Subsequently, on August 25, 2022, after the market closed, Polished.com issued a press release notifying investors that the Company received a notice from the NYSE that it was not in compliance with NYSE American rules because it did not timely file its quarterly report on Form 10-Q for the period ending June 30, 2022. Additionally, the Company also announced that it had “engaged a leading strategic consulting firm with retail and ecommerce operations expertise to augment its existing management, identify opportunities to accelerate long-term profitable growth and, separately, to potentially expedite the Audit Committee of the Board of Directors’ ongoing investigation.”
Following this news, on August 26, 2022 Polished.com shares fell 7.9% to close at $0.74 per share.
According to the complaint, throughout the Class Period, the Defendants misrepresented and failed to disclose, among other things, that the Company’s internal controls were inadequate and that, contrary to the Company’s statements, Polished.com was not remediating its internal controls.
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