NEW YORK, Oct. 12, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Oregon on behalf of all individuals or entities that purchased Schmitt Industries, Inc. ( “Schmitt Industries” or the “Company”) SMIT Securities between September 1, 2020 and September 20, 2022 inclusive (the “Class Period”).

The lawsuit alleges that the defendants made false and/or misleading statements and/or failed to disclose the following: (i) Schmitt Industries has consistently downplayed its serious internal control problems; (ii) the financial statements of Schmitt Industries from August 31, 2021 to date contained “certain errors”; (iii) as a result, Schmitt Industries would have to restate its previously filed financial statements for certain periods; and (iv) as a result, the statements made by the defendants as to its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Investors who have purchased or otherwise acquired Schmitt Industries stock should contact the company before December 12, 2022 Lead Plaintiff’s Application Deadline. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. If you would like to discuss your rights or interests related to this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. by Gainey McKenna & Egleston at (212) 983-1300 or by email at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the company.