San Diego, CA -- (SBWIRE) -- 10/24/2022 -- An investor, who purchased shares of Schmitt Industries, Inc. (NASDAQ: SMIT), filed a lawsuit over alleged violations of Federal Securities Laws by Schmitt Industries, Inc.

Investors who purchased shares of Schmitt Industries, Inc. (NASDAQ: SMIT) have certain options and for certain investors are short and strict deadlines running. Deadline: December 12, 2022. NASDAQ: SMIT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

The plaintiff claims that between September 1, 2020 and September 20, 2022, the defendants made false and/or misleading statements and/or failed to disclose that Schmitt Industries continuously downplayed its serious issues with internal controls, that Schmitt Industries' financial statements from August 31, 2021 to the present included "certain errors", that as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods, and that 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.

Those who purchased shares of Schmitt Industries, Inc. (NASDAQ: SMIT) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
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
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.