After a court’s dismissal of a parallel securities fraud class action, an investor is dropping an accounting-related lawsuit brought on behalf of now-defunct furniture and appliance retailer Polished.com against its leaders.
No settlement is involved, and plaintiff Mei Ling Wong won’t be barred from re-filing the derivative suit, the parties said. Wong, executives and board members, and nominal defendant Polished filed their agreement Tuesday in the US District Court for the Eastern District of New York.
The parallel proposed class action alleged serious misconduct against former top executives, including that a then-CEO used the company as a “personal piggy bank.” ...