LOS ANGELES, Nov. 7, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come December 12, 2022 Deadline for Filing a Motion by Lead Plaintiff in the Class Action Complaint, Filed on Behalf of Investors, Alleging Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) securities between September 1, 2020 and September 20, 2022inclusive (the “Class Period”).

If you have suffered a loss on your Schmitt investments or would like to inquire about potential claims to recover your loss under the federal securities laws, you may submit your contact information at www.glancylaw.com/cases/schmitt-industries-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.

On September 20, 2022, after the market close, Schmitt announced that its prior financial statements “should no longer be relied upon” and would require a restatement, estimating that “the errors were material on a cumulative basis, resulting in an understatement of.” $330,203 net led of expenses for the first three quarters of the fiscal year.”

On the news, Schmitt’s stock fell $0.68, or 17.9%, to close at $3.12 per share on September 21, 2022, hurting investors.

The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. In particular, the defendants failed to disclose to investors that: (1) Schmitt consistently downplayed its serious internal control problems; (2) Schmitt’s financial statements from August 31, 2021 to date contained “certain errors”; (3) as a result, Schmitt would have to restate its previously filed financial statements for certain periods; and (4) as a result, …