This lawsuit is for anyone who acquired securities in Polished.com Inc. f/k/a 1847 Goedeker Inc. (NYSE: POL) from July 27, 2020 through August 25, 2022.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, in the Prospectus to the Company's IPO and throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had sufficient controls in place to prevent improper accounting but then having to restate its financial statements.
On March 29, 2021, after the market closed, Polished revealed that its financial statements for fiscal 2019 and periodic reports during fiscal 2020 should no longer be relied upon due to a recent U.S. Supreme Court decision regarding sales taxes for online sellers. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on August 15, 2022, after the market had closed, Polished 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.” On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. Then, on August 25, 2022, after market hours, the Company announces 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 the Company's stock again dropped precipitously on unusually heavy trading volume. Finally, on October 14, 2022, Polished announced that its Chief Executive Office and President, its Chief Operating Officer, and its Chief Financial Officer and Secretary had all resigned, effective immediately. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Polished.com Inc. f/k/a 1847 Goedeker Inc. (NYSE: POL) from July 27, 2020 through August 25, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.