NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Schmitt Industries, Inc. (NASDAQ: SMIT) resulting from allegations that Schmitt may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Schmitt securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=8823 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
WHAT IS THIS ABOUT: 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.”
Schmitt also announced that on September 14, 2022, the Company “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).”
On this news, Schmitt’s stock fell 18% to close at $3.12 per share on September 21, 2022, on unusually heavy trading volume.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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