Class Action Lawsuit Filed by Schmitt Industries, Inc.:

Class Action Lawsuit Filed by Schmitt Industries, Inc.:


SAN DIEGO, Oct. 11, 2022 (GLOBE NEWSWIRE) — Shareholder Rights Law Firm Johnson Fistula, LLP announces that a class action lawsuit has been filed on behalf of investors in Schmitt Industries, Inc. (NASDAQ: SMIT). The class action is being brought on behalf of stockholders who purchased Schmitt Industries securities between September 1, 2020 and September 20, 2022 (the “Class Period”). Investors are hereby notified that they have until December 12, 2022 to request the court to appear as lead plaintiff in this lawsuit.

What actions can I take at this time? If you have suffered a loss and would like to learn more about being a lead plaintiff, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. When emailing, please include your phone number.

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According to the Complaint, throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose that: (1) Schmitt Industries has consistently downplayed its serious internal control problems; (2) The financial statements of Schmitt Industries from August 31, 2021 to date contained “certain errors”; (3) as a result, Schmitt Industries would have to restate its previously filed financial statements for certain periods; and (4) as a result, statements made by defendants about their businesses, operations and prospects were materially false and misleading and/or lacked any reasonable basis at all relevant times.

A lead plaintiff will act on behalf of all other group members in directing Schmitt Industries’ class action. The lead plaintiff may select a law firm of its choice to conduct the class action. An investor’s ability to participate in a potential future recovery of Schmitt Industries’ class action is not contingent upon its serving as lead plaintiff.

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