LOS ANGELES, CA / ACCESSWIRE / November 22, 2022 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Schmitt Industries, Inc. ("Schmitt" or "the Company") (NASDAQ:SMIT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between September 1, 2020 and September 20, 2022, inclusive (the ''Class Period''), are encouraged to contact the firm before December 12, 2022.
If you are a shareholder who suffered a loss, click here to participate.
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.
According to the Complaint, the Company made false and misleading statements to the market. Schmitt continuously downplayed the extent of its serious failure to maintain internal controls. The Company's financial statements included "serious errors" beginning in August 2021. The Company would be forced to restate its previously filed financial statements for certain periods. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Schmitt, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm