Press release
Lawsuit filed for Investors in shares of Polished.com Inc. (NYSE: POL)
A lawsuit was filed on behalf of investors in Polished.com Inc. (NYSE: POL) shares over alleged securities laws violations.
Investors who purchased shares of Polished.com Inc. (NYSE: POL) have certain options and for certain investors are short and strict deadlines running. Deadline: December 30, 2022. Polished.com Inc. (NYSE: POL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Polished.com Inc.. operates an e-commerce platform for appliances, furniture, and home goods in the United States. On August 15, 2022, after the market had closed, Polished.com disclosed that it is unable to timely file its second quarter 2022 report due to an ongoing investigation regarding "certain allegations made by certain former employees related to the Company's business operations."
Shares of Polished.com Inc. (NYSE: POL) declined from $3.669 per share on October 18, 2021, to as low as $0.75 per share on August 23, 2022.
According to the complaint the plaintiff alleges on behalf of purchasers of Polished.com Inc. (NYSE: POL) common shares , that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the registration statement supporting the IPO was false and/or misleading and/or failed to disclose that the Company would restate certain financials, that the Company's internal controls were inadequate, that the Company downplayed and obfuscated its internal controls issues, that as a result, the Company would engage in an independent investigation, that as a result of the investigation, the Company would, among other things, retain independent counsel and consultants, and delay its quarterly filings in violation of NYSE requirements of listing, that following the commencement of the investigation, the Company's CEO and CFO would leave the Company, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times.
Additionally, the plaintiff alleges that between between July 27, 2020 and August 25, 2022, the defendants made false and/or misleading statements and/or failed to disclose that the Company's internal controls were inadequate, that the Company downplayed and obfuscated its internal controls issues, that the Company did not properly construct or remediate its inadequate and ineffective internal controls, that contrary to the Company's statements, the Company was not remediating its internal controls, that as a result, the Company would engage in an independent investigation, that as a result of the investigation, the Company would, among other things, retain independent counsel and consultants, and delay its quarterly filings in violation of NYSE requirements of listing, that following the commencement of the investigation, the Company's CEO and CFO would leave the Company, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times
Those who purchased shares of Polished.com Inc. (NYSE: POL) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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