San Diego, CA -- (SBWIRE) -- 02/17/2023 -- An investigation on behalf of current long-term investors in shares of Schmitt Industries, Inc. (NASDAQ: SMIT) concerning potential breaches of fiduciary duties by certain directors and officers of Schmitt Industries, Inc. was announced.

Investors who are current long term investors in Schmitt Industries, Inc. (NASDAQ: SMIT) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in NASDAQ: SMIT stocks follows a lawsuit filed against Schmitt Industries, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: SMIT stocks, concerns whether certain Schmitt Industries, Inc. directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the District of Oregon the plaintiff alleges that, the defendants made false and/or misleading statements and/or failed to disclose that Schmitt Industries continuously downplayed its serious issues with internal controls, that Schmitt Industries' financial statements from August 31, 2021 to the present included "certain errors", that as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods, and that 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.

Those who purchased shares of Schmitt Industries, Inc. (NASDAQ: SMIT) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.