The Law Offices of Frank R. Cruz Announces Investigation of Schmitt Industries, Inc. (SMIT) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On September 20, 2022, after the market closed, Schmitt 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.”

On this news, Schmitt’s stock fell $0.68, or 17.9%, to close at $3.12 per share on September 21, 2022, thereby injuring investors.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Schmitt securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.