SAN FRANCISCO, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Polished.com Inc. f/k/a 1847 Goedeker Inc. POL investors with significant losses to submit your losses now.
Polished.com Inc. (POL) Securities Class Action:
The action alleges that Defendants made false and misleading statements in connection with Polished.com's initial public offering (IPO), which closed on July 27, 2020.
Specifically, the complaint alleges that the IPO materials mispresented and omitted that: (1) the company would restate certain financials; (2) the company's internal controls were inadequate; (3) the company downplayed and obfuscated internal controls issues; (4) as a result, the company would engage in an independent investigation; (5) as a result, the company would retain independent counsel and consultants, and delay its quarterly financial filings in violation of NYSE listing requirements; and, (6) after the investigation commenced the company's CEO and CFO would leave the company.
The accuracy of the IPO materials came into question on Feb. 2, 2022, when Polished.com announced the resignation of its Chief Accounting Officer (Robert D. Barry).
Then, on Aug. 15, 2022, Polished.com announced it would not timely file its quarterly report for the period ended June 30, 2022. The company revealed that its Audit Committee "recently began an independent investigation regarding certain allegations made by certain former employees related to the Company's business operations."
In addition, on Oct. 18, 2022, Polished.com announced the abrupt departure of its CEO (Albert Fouerti), CFO (Maria Johnson), and its COO (Elie Fouerti) effective immediately.
On Nov. 2, 2022, Polished.com revealed that the Audit Committee investigation is focused on employment and inventory management practices.
Each of these disclosures caused the price of Polished.com shares to decline, injuring investors.
"We're focused on investors' losses and proving Polished.com's IPO materials failed to disclose material deficiencies in the company's employment and inventory management practices," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Polished.com and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Polished.com should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email POL@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
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