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Defendant Polished 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, the Company changed its name from “1847 Goedeker Inc.” to “Polished.com Inc.” In connection with the name change, the Company’s common stock ceased trading under the ticker symbol “GOED” and began trading under the ticker symbol “POL.”
On August 3, 2020, the Company filed with the SEC the final prospectus for the IPO on Form 424B4, which forms part of the IPO Registration Statement. In the IPO, the Company sold 1,111,200 shares at $9.00 per share.
Plaintiff alleges that Defendants made materially false and misleading statements in the Registration Statement and throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose, inter alia, that: (1) the Company would restate certain financials; (2) the Company’s internal controls were inadequate; (3) the Company downplayed and obfuscated its internal controls issues; and (4) as a result, the Company would have an independent investigation.
On March 29, 2021, after market hours, the Company filed with the SEC a report on Form 8-K (“Restatement 8-K”), which announced, among other things, that the Company’s financial statements for the year ended December 31, 2019, should no longer be relied upon.
On August 15, 2022, after market hours, Polished 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 the Company required additional time to complete a newly announced investigation.
On August 25, 2022, after market hours, the Company’s current report on Form 8-K was accepted by the SEC. This report announced that the Company was no longer in compliance with NYSE American rules due to the Company failing to timely file its quarterly report, and that the Company was automatically given an extension until February 23, 2023 to regain compliance.
Also 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 October 18, 2022, the Company issued a press release entitled “Polished.com Announces Management Transition” which announced that Defendants Albert Fouerti, Maria Johnson, and Elie Fouerti had resigned from their roles at the Company effective October 14, 2022.