NEW YORK, Oct. 28, 2022 (GLOBE NEWSWIRE) --
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Polished.com Inc. f/k/a 1847 Goedeker Inc. (NYSE American: POL, GOED) resulting from allegations that Polished may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Polished securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=8124 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: In July 2020, Polished (then known as 1847 Goedecker Inc.) conducted its initial public offering (“IPO”), selling shares priced at $9.00 per share.
Then, on August 15, 2022, after market hours, Polished announced on Form 12b-25 filed with the SEC its inability to timely file its Form 10-Q for its second quarter of its fiscal year 2022 ended June 30, 2022 due to its Board’s Audit Committee recently beginning “an independent investigation regarding certain allegations made by certain former employees related to the Company’s business operations.” Further, the Company announced that “[t]he investigation is ongoing, and the Audit Committee continues to work diligently with independent counsel and consultants to complete the investigation” and that “[t]he Company cannot predict the duration of the investigation, eventual scope, its outcome, or its impact on the Company’s financial results.” On this news, Polished’s share price fell 35% to close at $0.97 per share on August 16, 2022, on unusually heavy trading volume.
Then on August 25, 2022, after market hours, the Company issued a press release entitled “Polished.com Provides Corporate Updates; Engages Leading Strategic Consulting Firm and Receives New York Stock Exchange Notice Regarding Late Form 10-Q Filing” which announced the NYSE notice and also announced that the Company 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.” On this news, the Company’s stock price fell 7% to close at $0.74 per share on August 26, 2022.
Then on October 18, 2022, the Company issued a press release entitled “Polished.com Announces Management Transition” which announced that the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer resigned from those roles at the Company effective October 14, 2022.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
