NEW YORK, Sept. 30, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP is investigating potential claims against Schmitt Industries, Inc. (“Schmitt” or the “Company”) SMIT. The investigation concerns whether Schmitt and/or certain of its officers have violated federal securities laws and/or engaged in other illegal business practices.

Schmitt develops, assembles and sells computer-controlled balancing devices and precision laser measuring systems for use primarily in the machine tool industry.

On September 20, 2022, Schmitt announced that its previous financial statements “should no longer be reliable” and would require restatement, and estimated that “the errors were material on a cumulative basis, resulting in a net understatement of expenses of $330,203.” USD versus the first led for three quarters of the fiscal year.” On the news, Schmitt stock fell $0.68 per share, or about 17.9%, from $3.80 per share to a closing price of $3.12 on September 21, 2022, and shares fell another $0.84 per share to close at $2.28 the following day.

If you have purchased or otherwise acquired Schmitt securities, have information, or would like to learn more about this investigation, please contact Thomas W Elrod from Kirby McInerney LLP by email at [email protected]or by filling this out Contact formto discuss your rights or interests in relation to these matters at no cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm focused on securities, antitrust, whistleblower and consumer litigation. The firm’s efforts on behalf of shareholders in securities disputes have resulted in recoveries totaling billions of dollars. For more information about the company, visit Kirby McInerney LLP’s website: http://www.kmllp.com.

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contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180