The MarketWatch News Department was not involved in the creation of this content.
San Francisco, California, Aug 22, 2022 (Newsfile Corp via COMTEX) -- San Francisco, California--(Newsfile Corp. - August 22, 2022) - Hagens Berman urges Polished.com Inc. (NYSE American: POL) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations.
Polished.com Inc. (POL) Investigation:
In the past, Polished.com (f/k/a 1847 Goedeker Inc. (GOED)) has assured investors that it has adequate internal controls over financial reporting and its financial statements have been prepared in accordance with Generally Accepted Accounting Principles.
The company's claims may have come into question beginning on Feb. 2, 2022, when it announced the resignation of its Chief Accounting Officer (Robert D. Barry). This news drove the price of Polished.com shares about 6.5% lower the next day.
Then, on Aug. 15, 2022, Polished.com announced it would not timely file its quarterly report for the period ended June 30, 2022. The company revealed that its Audit Committee "recently began an independent investigation regarding certain allegations made by certain former employees related to the Company's business operations." This news drove the price of Polished.com shares crashing over 35% lower on Aug. 16, 2022, wiping out over $55 million of shareholder value.
"We're focused on investors' losses and whether Polished.com may have cooked...
Welcome to Reality Check, NewsGuard’s nonpartisan newsletter that tracks the false claims and conspiracy theories that shape our world — and who’s behind them. Please support us by becoming a premi...