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Polished.com (POL) IPO Shareholder Case
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E.D. New YorkCourt
- In August 2020, Polished was no longer in compliance with NYSE rules.
- $POL lost over 90% of its value since its IPO in July 2020.
- Investors suspect Polished & Accountables of misleading during the IPO.
On August 25, 2022, the SEC announced that Polished (POL) was no longer in compliance with NYSE rules, failing to timely file its quarterly report.
The Company also announced that it had engaged “a leading strategic consulting firm with retail and e-commerce 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, $POL fell 7%.
- On August 15, 2022, The Company announced that "it has filed a Form 12b-25 with the SEC in connection with its inability to timely file the Form 10-Q for its second quarter of the fiscal year 2022 ended June 30, 2022.
- The Audit Committee of the Company’s Board of Directors, with the assistance of independent legal counsel and consultants, has commenced an internal investigation regarding certain allegations made by certain former employees related to the Company’s business operations."
On this news, $POL fell by 34.5%, seriously damaging investors.
Taking all appeared facts into account, Investors have reasons to suspect Polished, its Leaders, and relevant accountables of misleading about financials and internal controls issues within the IPO in July 2020.
Failure to Disclose,
Shock Event Date
26 August 2022
31 October 2022
Lead Plaintiff Deadline
30 December 2022
Hon. Nicholas G. Garaufis
11 September 2023
$POL IPO Case Update:
The Rosen Law Firm PA was appointed lead counsel for a proposed class action, alleging that Polished offering statements misrepresented the $POL financial standing and internal controls.