An investigation for investors in Schmitt Industries, Inc. (NASDAQ: SMIT) shares over potential securities laws violations by Schmitt Industries, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 10/03/2022 -- An investigation was announced over potential securities laws violations by Schmitt Industries, Inc. in connection with certain financial statements.
Investors who purchased shares of Schmitt Industries, Inc. (NASDAQ: SMIT), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Schmitt Industries, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
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.
Those who purchased shares of Schmitt Industries, Inc. (NASDAQ: SMIT) have certain options and should contact the Shareholders Foundation.
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