SMIT Investors Have Opportunity to Lead Schmitt Industries, Inc. Securities Fraud Lawsuit
Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Schmitt Industries, Inc. ("Schmitt" or the "Company") (NASDAQ: SMIT )
LOS ANGELES, Dec. 6, 2022 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Schmitt Industries, Inc. ("Schmitt" or the "Company") (NASDAQ: SMIT ).
Class Period: September 1, 2020 – September 20, 2022
Lead Plaintiff Deadline: December 12, 2022
If you wish to serve as lead plaintiff of the Schmitt lawsuit, you can submit your contact information at www.glancylaw.com/cases/schmitt-industries-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Schmitt continuously downplayed its serious issues with internal controls; (2) Schmitt's financial statements from August 31, 2021 to the present included "certain errors"; (3) as a result, Schmitt would need to restate its previously filed financial statements for certain periods; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
