Press release
Investigation announced for Investors in shares of Schmitt Industries, Inc. (NASDAQ: SMIT) over possible Violations of Securities Laws
An investigation for investors in Schmitt Industries, Inc. (NASDAQ: SMIT) shares over potential securities laws violations.
Investors who purchased shares of Schmitt Industries, Inc. (NASDAQ: SMIT), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Schmitt Industries, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Portland, OR based Schmitt Industries, Inc., together with its subsidiaries, designs, manufactures, and sells test and measurement products worldwide. On September 20, 2022, after the market closed, Schmitt Industries, Inc. announced that its previous financial statements "should no longer be relied upon" and would require restatement, estimating that "the errors were material on a cumulative basis resulting in a net $330,203 under-recognition of expenses over the first three quarters of the fiscal year."
Shares of Schmitt Industries, Inc. (NASDAQ: SMIT) declined from $4.05 per share on September 09, 2022, to as low as $1.91 per share on September 27, 2022.
Those who purchased shares of Schmitt Industries, Inc. (NASDAQ: SMIT) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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