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Polished.com Inc. f/k/a 1847 Goedeker Inc. Class Action Lawsuit - POL; GOED

24 days left to seek lead plaintiff status

Case Summary

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The Polished.com class action lawsuit seeks to represent purchasers or acquirers of Polished.com Inc. f/k/a 1847 Goedeker Inc. (NYSEAMERICAN: POL; GOED) securities: (1) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Polished.com’s 2020 initial public offering (the “IPO”); and/or (2) between July 27, 2020 and August 25, 2022, inclusive (the “Class Period”).  Captioned Maschhoff v. Polished.com Inc. f/k/a 1847 Goedeker Inc., No. 22-cv-06606 (E.D.N.Y.), the Polished.com class action lawsuit charges Polished.com, certain of its top executives and directors, as well as the IPO’s underwriters with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Polished.com class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Polished.com class action lawsuit must be filed with the court no later than December 30, 2022.

CASE ALLEGATIONS: Polished.com purports to sell furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients as a content-driven and technology-enabled shopping destination for appliances, furniture, and home goods.  On July 20, 2022, Polished.com changed its name from “1847 Goedeker Inc.” to “Polished.com Inc.”  In the IPO, Polished.com sold more than 1.1 million shares at a price of $9.00 per share.

The Polished.com class action lawsuit alleges that the Registration Statement and defendants throughout the Class Period failed to disclose that: (i) Polished.com would restate certain financials; (ii) Polished.com’s internal controls were inadequate; (iii) Polished.com downplayed and obfuscated its internal controls issues; (iv) as a result, Polished.com would engage in an independent investigation; (v) as a result of the investigation, Polished.com would, among other things, retain independent counsel and consultants, and delay its quarterly filings in violation of NYSE requirements of listing; and (vi) following the commencement of the investigation, Polished.com’s CEO and CFO would leave Polished.com.

On March 29, 2021, Polished.com disclosed that upon recommendation of Polished.com’s Audit Committee and following discussions with management, Polished.com’s financial statements for the year ended December 31, 2019 should no longer be relied upon, Polished.com decided to restate its financial statements for the year ended December 31, 2019, and related reports, press releases, earnings releases, and investor communications describing Polished.com’s financial statements for these periods should no longer be relied upon.  In doing so, Polished.com focused blame of the restatement on “the Supreme Court’s 2018 decision in South Dakota v. Wayfair, Inc.” instead of its ineffective and inadequate internal controls.  On this news, Polished.com’s stock price fell by approximately 4%.

Then on August 15, 2022, Polished.com 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 Polished.com required additional time to complete a newly announced investigation.  On this news, Polished.com’s stock price fell an additional 35%.

Finally, on August 25, 2022, Polished.com announced that it was no longer in compliance with NYSE American rules due to Polished.com failing to timely file its quarterly report.  That same day, Polished.com further announced that it 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, Polished.com’s stock price further fell 7%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Polished.com securities pursuant and/or traceable to the Registration Statement issued in connection with the IPO and/or during the Class Period to seek appointment as lead plaintiff in the Polished.com class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Polished.com class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Polished.com class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Polished.com class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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