SAN DIEGO, Oct. 14, 2022 (GLOBE NEWSWIRE) —

The class: Robbins LLP is informing investors that a shareholder has filed a class action lawsuit on behalf of all persons who have purchased Schmitt Industries, Inc. stock. SMIT Securities between September 1, 2020 and September 20, 2022 for violations of the Securities Exchange Act of 1934.

What now: Shareholders in a similar position may be eligible to participate in the class action lawsuit against Schmitt. Shareholders who wish to be named lead plaintiff in the class action must file by December 12, 2022. A Lead Plaintiff is a representative party acting on behalf of other Class Plaintiffs in the conduct of the litigation. You do not have to be present at the case to be eligible for a recovery. Click for more information here.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

What is it about in this case: Schmitt Industries, Inc. (SMIT) had deficient internal controls over financial reporting

According to the Complaint, the Defendants have failed to disclose the following: (1) Schmitt has consistently downplayed its serious internal control problems; (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.

On September 20, 2022, Schmitt announced that it would restate its financial statements from August 31, 2021 to date and expects to report at least one material vulnerability. In addition, the Company’s financial statements from August 31, 2021 to February 28, 2022 should no longer be relied upon due to errors in the treatment of certain general and administrative expenses which have been excluded from the Profit and Loss Account. On the news, Schmitt’s stock fell 17% to close at $3.12 per share on September 21, 2022.

Contact us to find out more:

Aaron Dumas
(800) 350-6003
[email protected]
Shareholder Information Form

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