LOS ANGELES, CA / ACCESSWIRE / September 22, 2022 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Schmitt Industries, Inc. ("Schmitt" or "the Company") (NASDAQ:SMIT) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Schmitt announced on September 20, 2022, that its financial statements since August 31, 2021, "should no longer be relied upon" because of "certain errors" made by the Company, which added that it would "restate its previously filed quarterly financial statements for periods from August 31, 2021 forward," and that "the Company expects to report at least one material weakness following completion of its analysis of the cause of these restatements." Previously, the Company announced on September 14, 2022, that it had "received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying us that we did not file our Annual Report on Form 10-K for the fiscal year ended May 31, 2022 (the "Form 10-K") by September 13, 2022, as required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5250(c)(1)." Based on this news, shares of Schmitt fell by 18% on September 21, 2022.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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SOURCE: The Schall Law Firm