NEW YORK, Nov. 04, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that on behalf of the acquirers of Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) Securities between September 1, 2020 and September 20, 2022 (the “Collection Period”). Investors have until December 12, 2022 to petition the court to be named lead plaintiff in the lawsuit.

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 relied upon” and would require a restatement, and estimated that “the errors were material on a cumulative basis, resulting in an understatement of expenses of $330,203 net over the first led three quarters of the fiscal year.” On this news, Schmitt’s stock price fell $0.68 per share, or approximately 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, or roughly 26.9%, to close at $2.28 the next day.

The Complaint alleges that during the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose the following: (1) Schmitt Industries continued to downplay serious problems with its internal controls; (2) Schmitt’s financial statements from August 31, 2021 to date contained “certain errors”; and (3) as a result, Schmitt would have to restate its previously filed financial statements for certain periods.

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…