NEW YORK, Oct. 28, 2022 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) and certain of its officers on behalf of all persons and entities that purchased or otherwise acquired Schmitt securities between September 1, 2020 and September 20, 2022, both dates inclusive (the “Collection Period”). Such investors are encouraged to join this case by visiting the company’s website: www.bgandg.com/smit.

This class action seeks damages against the defendants for alleged violations of the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that during the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose the following: (1) Schmitt Industries 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, the statements made by the defendants regarding their businesses, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. As the true details emerged, the lawsuit alleges that investors suffered damage.

A class action lawsuit has already been filed. If you would like to see a copy of the complaint, you can visit the firm’s website: www.bgandg.com/smit or contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered damage in Schmitt, you have until December 12, 2022 to apply for the court to appoint you as lead plaintiff. Your ability to participate in a recovery does not require you to serve as lead plaintiff.

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