An investigation for investors in Schmitt Industries, Inc. (NASDAQ: SMIT) shares over potential securities laws violations by Schmitt Industries, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 10/03/2022 -- An investigation was announced over potential securities laws violations by Schmitt Industries, Inc. in connection with certain financial statements.
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:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, 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, investigation, and/or settlements are not filed/reached and/or 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.