Categories: BusinessWire

SCHMITT DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against Schmitt Industries, Inc. and Encourages Investors to Contact the Firm

Published by
Business Wire News


NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) on behalf of all persons and entities who purchased or otherwise acquired Schmitt securities between September 1, 2020 and September 20, 2022, both dates inclusive (the “Class Period”). Investors have until December 12, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

On September 20, 2022, after the market closed, Schmitt announced that its previous financial statements “should no longer be relied upon” and would require restating, estimating that “the errors were cumulatively material, resulting in an understatement of $330,203 in expenses for the first three quarters of the fiscal year.

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

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Schmitt Industries continuously downplayed its serious issues with internal controls; (2) Schmitt Industries’ financial statements from August 31, 2021, to the present included “certain errors”; (3) as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods; and (4) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Schmitt shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bragar Eagel & Squire, P.C.

Brandon Walker, Esq.

Melissa Fortunato, Esq.

(212) 355-4648

investigations@bespc.com
www.bespc.com

Business Wire News

Recent Posts

KBRA Assigns Preliminary Ratings to LAD Auto Receivables Trust 2023-1

NEW YORK--(BUSINESS WIRE)--#KBRA--KBRA assigns preliminary ratings to six classes of notes issued by LAD Auto… Read More

56 seconds ago

AERWINS Technologies Inc. and PONO Capital Corp. Complete

HONOLULU and TOKYO, Feb. 03, 2023 (GLOBE NEWSWIRE) -- AERWINS Technologies Inc. (“AERWINS” or the… Read More

60 mins ago

ORIC Pharmaceuticals Reports Inducement Grants under Nasdaq

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Feb. 03, 2023 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals,… Read More

1 hour ago

Sarissa Capital Highlights Amarin’s Disregard for Shareholder Interests and Urges Shareholders to Vote the BLUE Proxy Card for Change at Amarin

Sarissa launches website www.freeamarin.com and posts presentation for shareholders Sarissa urges shareholders to vote the… Read More

1 hour ago

Miner Orb Introduces a New, Secure Way of Purchasing

Nevada, Texas, United States, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Summary: Miner Orb has emerged as… Read More

2 hours ago

Arcutis Biotherapeutics Reports Inducement Grants Under

WESTLAKE VILLAGE, Calif., Feb. 03, 2023 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), an early… Read More

2 hours ago