POL:NYSE Class Action Lawsuit (Polished.com) was filed on October 31, 2022 on behalf of the shareholders.
Notably, in the Restatement 8-K, the Company 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, the Company’s stock price fell $0.37 per share, or 4%, to close at $8.63 per share on March 30, 2021.
The press release issued August 15, 2022, is entitled “Polished.com Provides Second Quarter 2022 Financial and Operational Update” and stated the following, in pertinent part, regarding the Company’s inability to timely file its quarterly report and the newly announced investigation.
On this news, Polished’s for its second quarter of fiscal stock price fell 35% to close at $0.97 per share on August 16, 2022, on unusually heavy trading volume, damaging investors.
“On August 25, 2022, after market hours, the Company issued a press release entitled “Polis hed.com Provides Corporate Updates; Engages Leading Strategic Consulting Firm and Receives New York Stock Exchange Notice Regarding Late Form 10 announced the NYSE notice and also Q Filing” which nnounced 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 longterm 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, further damaging investors.