Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Schmitt To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - November 23, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Schmitt Industries, Inc. ("Schmitt" or the "Company") (NASDAQ: SMIT) and reminds investors of the December 12, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Schmitt stock or options between September 1, 2020 and September 20, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SMIT.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Schmitt Industries continuously downplayed its serious issues with internal controls; (2) Schmitt Industries' financial statements from August 31, 2021 to the present included "certain errors"; (3) as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods; and (4) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 20, 2022, after trading hours, Schmitt announced that its previous financial statements as of August 31, 2021 and going forward "should no longer be relied upon" due to "certain errors" made by the Company, that it would "restate its previously filed quarterly financial statements for periods from August 31, 2021 forward," and that "[t]he Company expects to report at least one material weakness following completion of its analysis of the cause of these restatements."
On this news, Schmitt's stock fell 18% to close at $3.12 per share on September 21, 2022, on unusually heavy trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Schmitt's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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