NEW YORK, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Polished.com, Inc. (NYSEAmerican: POL), Intuit, Inc. (NASDAQ: INTU), Enviva, Inc. (NYSE: EVA), and Tattooed Chef, Inc. (NASDAQ: TTCF). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Polished.com, Inc. (NYSEAmerican: POL)
In July 2020, Polished (then known as 1847 Goedeker 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 sharply during after-hours trading on August 15, 2022 and pre-market trading on August 16, 2022.
For more information on the Polished investigation go to: https://bespc.com/cases/POL
Intuit, Inc. (NASDAQ: INTU)
On March 29, 2022, the FTC filed a lawsuit against Inuit claiming that the company has deceived millions of Americans into paying for tax service preparation software that should be free. On May 4, 2022, Intuit agreed to pay $141 million to settle similar allegations regarding Turbo Tax.
On this new, Intuit’s stock fell $22.14, or 5.1%, to close at $409.86 on May 5, 2022.
For more information on the Intuit investigation go to: https://bespc.com/cases/INTU
Enviva, Inc. (NYSE: EVA)
Enviva is the subject of a report released by Blue Orca Capital on October 12, 2022. The report alleges that the Company falls far short of its ESG ideals by relying on carbon loopholes that “subsidizes European power companies to replace coal with wood pellets derived from deforestation in the United States.” Blue Orca alleges that the Company produces its wood pellets from clear-cut forests, a practice condemned by climate activists and ESG investors. The report adds that the Company overstated the sustainability of its hardwood harvests and artificially inflated its profit margin.
Based on the report, Enviva stock fell by $2.59 per share, or 4.7%, to close at $52.05 per share on October 13, 2022.
For more information on the Enviva investigation go to: https://bespc.com/cases/EVA
Tattooed Chef, Inc. (NASDAQ: TTCF)
On October 12, 2022, after market hours, Tattooed Chef announced that it would restate its quarterly and annual financial statements for 2021, and for its first and second quarterly financial periods of 2022. Tattooed Chef stated these financial statements should no longer be relied upon.
Tattooed Chef stated the restatements are because its was notified earlier this month by its former independent registered public accounting firm, BDO USA LLP, that “the company incorrectly recorded expenses related to a multi-vendor mailer program with a large customer as operating expenses rather than reduction of revenue, and expenses for advertising placement by a marketing services firm on a straight-line basis over the life of the contract rather than when the services were actually rendered.”
On this news, Tattooed Chef share prices dropped by $0.44, or approximately 9.8%, to open on October 13, 2022 at $4.05 per share.
For more information on the Tattooed Chef investigation go to: https://bespc.com/cases/TTCF
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
