Boston, Massachusetts--(Newsfile Corp. - November 28, 2022) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Polished.com Inc. ("Polished.com" or the "Company") POL POL, an operator of an e-commerce platform for appliances, furniture and home goods in the U.S. household appliances market. Prior to June 20, 2022, the Company was known as 1847 Goedeker Inc. with its common stock and warrants trading under the symbols "GOED" and "GOED WS", respectively.
On October 31, 2022, a securities class action lawsuit was filed in U.S. District Court in the Eastern District of New York "on behalf of persons or entities who purchased or otherwise acquired publicly traded Polished securities: (1) pursuant and/or traceable to the registration statement and related prospectus (collectively, the 'Registration Statement') issued in connection with the Company's 2020 initial public offering (the 'IPO" or "Offering'); and/or (2) between July 27, 2020 and August 25, 2022, inclusive (the 'Class Period')"
How to Seek Appointment as Lead Plaintiff
If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than December 30, 2022. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.
If you sustained significant losses from your transactions in Polished.com securities and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.
A Lead Plaintiff is appointed by the court to represent the members of the putative class in the lawsuit. Typically, the Lead Plaintiff is the applicant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
No Responsibility for Attorney's Fees or Expenses
Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.
About the Lawsuit
According to the class action complaint, "on August 15, 2022, after market hours, Polished notified investors that it would not timely file its 'quarterly report on Form 10-Q for the period ended June 30, 2022 ("Second Quarter 10-Q") within the prescribed time period' because the Company required additional time to complete a newly announced investigation." According to Polished, "The Audit Committee of the Company's Board of Directors ('Audit Committee') recently began an independent investigation regarding certain allegations made by certain former employees related to the Company's business operations. The investigation is ongoing, and the Audit Committee continues to work diligently with independent counsel and consultants to complete the investigation as soon as possible." On this news, "Polished's stock price fell 35% to close at $0.97 per share on August 16, 2022, on unusually heavy trading volume, damaging investors."
The complaint alleges that "Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's internal controls were inadequate; (2) the Company downplayed and obfuscated its internal controls issues; (3) the Company did not properly construct or remediate its inadequate and ineffective internal controls; (4) contrary to the Company's statements, the Company was not remediating its internal controls; (5) as a result, the Company would engage in an independent investigation; (6) 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; (7) following the commencement of the investigation, the Company's CEO and CFO would leave the Company; and (8) as a result, Defendants' public statements were materially false and/or misleading at all relevant times."
About Berman Tabacco
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.
This notice may constitute attorney advertising.
Jay Eng, Esq.
One Liberty Square
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