ACCESS Newswire
23 Sep 2022, 01:07 GMT+10
LOS ANGELES, CA / ACCESSWIRE / September 22, 2022 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Schmitt Industries, Inc. ('Schmitt' or 'the Company') (NASDAQ:SMIT) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Schmitt announced on September 20, 2022, that its financial statements since August 31, 2021, 'should no longer be relied upon' because of 'certain errors' made by the Company, which added that it would 'restate its previously filed quarterly financial statements for periods from August 31, 2021 forward,' and that 'the Company expects to report at least one material weakness following completion of its analysis of the cause of these restatements.' Previously, the Company announced on September 14, 2022, that it had 'received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ('Nasdaq') notifying us that we did not file our Annual Report on Form 10-K for the fiscal year ended May 31, 2022 (the 'Form 10-K') by September 13, 2022, as required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5250(c)(1).' Based on this news, shares of Schmitt fell by 18% on September 21, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com
SOURCE: The Schall Law Firm
Get a daily dose of Detroit Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Detroit Star.
More InformationMOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
(Photo credit: Gary C. Klein/USA TODAY NETWORK-Wisconsin / USA TODAY NETWORK via Imagn Images) Scott Dixon extended a remarkable...
(Photo credit: Ken Blaze-Imagn Images) Trey Sweeney and Riley Greene each belted homers in the 10th inning and Tarik Skubal threw...
(Photo credit: Bruce Kluckhohn-Imagn Images) The Washington Wizards completed a three-team trade on Sunday, acquiring guard CJ McCollum,...
(Photo credit: Ken Blaze-Imagn Images) Cleveland Guardians outfielder Lane Thomas returned to the 10-day injured list on Sunday because...
(Photo credit: Lon Horwedel-Imagn Images) Tigers left-hander Tarik Skubal's quest for a second straight American League Cy Young...
(Photo credit: Patrick Breen/The Republic / USA TODAY NETWORK via Imagn Images) Arizona's Corbin Carroll was 0-for-5 in his return...