SAN DIEGO, Nov. 3, 2022 (GLOBE NEWSWIRE) — The class: Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons or entities that purchased or otherwise acquired publicly traded stock of Polished.com Inc. POLE Securities (i) pursuant to and/or traceable to the registration statement and prospectus issued in connection with the Company’s 2020 IPO (“IPO”) and/or (ii) between July 27, 2020 and August 15 2022. Complaint seeks damages under the Securities Act of 1933 and the Securities Exchange Act of 1934.

What now: Shareholders in a similar situation may be eligible to participate in the class action lawsuit against Polished. Shareholders who wish to be named lead plaintiff in the class action must file by December 30, 2022. A lead plaintiff is a representative party acting on behalf of other members of the class in conducting the litigation. You do not have to be present at the case to be eligible for a recovery. Click for more information here.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

What is it about in this case: Polished.com Inc. (POL) has misled investors about its internal controls

According to the complaint, Polished completed its IPO on July 27, 2020, selling shares at $9.00 per share. During the class action, the defendants failed to disclose the truth about the lack of internal control over financial reporting. In addition, the registration statement supporting the IPO was false and/or misleading and/or failed to disclose that: (1) the Company would restate certain financial measures; (2) the company’s internal controls were inadequate; (3) the company has downplayed and concealed its internal control problems; (4) as a result, the company would conduct an independent investigation; (5) As a result of the investigation, the Company would, among other things, retain independent attorneys and consultants and delay its quarterly filings in violation of NYSE listing requirements; and…