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Shares of Schmitt Industries, Inc. (NASDAQ: SMIT - Get Free Report) passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $0.02 and traded as low as $0.0150. Schmitt Industries shares last traded at $0.0150, with a volume of 670 shares changing hands.
NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) and certain of its officers, on behalf of all persons and entities that purchased, or otherwise acquired Schmitt securities between September 1, 2020 and September 20, 2022, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/smit. This class action seeks to recover damages against Defendants for alleged violations of the Securities Exchange Act of 1934 (the “Exchange Act”). The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Schmitt Industries continuously downplayed its serious issues with internal controls; (2) Schmitt Industries’ financial statements from August 31, 2021 to the present included “certain errors”; (3) as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods; and (4) 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. When the true details entered the market, the lawsuit claims that investors suffered damages. A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/smit or contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Schmitt you have until December 12, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) on behalf of all persons and entities who purchased or otherwise acquired Schmitt securities between September 1, 2020 and September 20, 2022, both dates inclusive (the “Class Period”). Investors have until December 12, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Click here to participate in the action. On September 20, 2022, after the market closed, Schmitt announced that its previous financial statements “should no longer be relied upon” and would require restating, estimating that “the errors were cumulatively material, resulting in an understatement of $330,203 in expenses for the first three quarters of the fiscal year. On this news, Schmitt stock fell $0.68, or 17.9%, to close at $3.12 per share on September 21, 2022, hurting investors. According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Schmitt Industries continuously downplayed its serious issues with internal controls; (2) Schmitt Industries’ financial statements from August 31, 2021, to the present included “certain errors”; (3) as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods; and (4) 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. If you purchased or otherwise acquired Schmitt shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming December 12, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) securities between September 1, 2020 and September 20, 2022, inclusive (the “Class Period”). 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 price fell $0.68, or 17.9%, to close at $3.12 per share on September 21, 2022, thereby injuring investors. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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. Follow us for updates on Twitter: twitter.com/FRC_LAW. If you purchased or otherwise acquired Schmitt securities during the Class Period, you may move the Court no later than December 12, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 info@frankcruzlaw.com, 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.
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of those who acquired Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT) securities between September 1, 2020 through September 20, 2022 (the “Class Period”). Investors have until December 12, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Schmitt designs, assembles, and markets computer-controlled balancing equipment and precision laser measurement systems for use primarily by the machine tool industry. On September 20, 2022, 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, the price of Schmitt shares declined by $0.68 per share, or approximately 17.9%, from $3.80 per share to close at $3.12 on September 21, 2022, and the shares declined an additional $0.84 per share, or approximately 26.9%, to close at $2.28 the following day. The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Schmitt Industries continuously downplayed serious issues with its internal controls; (2) Schmitt’s financial statements from August 31, 2021 to the present included "certain errors"; and (3) as a result, Schmitt would need to restate its previously filed financial statements for certain periods. If you purchased or otherwise acquired Schmitt securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you. Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Schmitt Industries, Inc. (NASDAQ: SMIT) between September 1, 2020 and September 20, 2022, both dates inclusive (the “Class Period”), of the important December 12, 2022 lead plaintiff deadline in the securities class action commenced by the Firm. SO WHAT: If you purchased Schmitt Industries securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Schmitt Industries 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 pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 12, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. 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. DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Schmitt Industries continuously downplayed its serious issues with internal controls; (2) Schmitt Industries’ financial statements from August 31, 2021 to the present included “certain errors”; (3) as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods; and (4) 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. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Schmitt Industries class action, go https://rosenlegal.com/submit-form/?case_id=8823 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Attorney Advertising. Prior results do not guarantee a similar outcome.
SAN DIEGO--(BUSINESS WIRE)--The Class: Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons who acquired shares of Schmitt Industries, Inc. (NASDAQ: SMIT) securities between September 1, 2020 and September 20, 2022, for violations of the Securities Exchange Act of 1934. What Now: Similarly situated shareholders may be eligible to participate in the class action against Schmitt. Shareholders who want to be appointed lead plaintiff for the class must file their papers by December 12, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. What is this Case About: Schmitt Industries, Inc. (SMIT) Had Deficient Internal Controls Over Financial Reporting According to the complaint, defendants failed to disclose 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"; and (3) as a result, Schmitt would have to restate its previously filed financial statements for certain periods. On September 20, 2022, Schmitt announced it would restate its financial statements from August 31, 2021 to the present, and expected to report at least one material weakness. Further, the Company's financial statements from August 31, 2021 through February 28, 2022, should no longer be relied upon due to errors in the treatment of certain general and administrative expenses that were excluded from the statement of operations. On this news, Schmitt's stock fell 17% to close at $3.12 per share on September 21, 2022. Contact us to learn more: Aaron Dumas (800) 350-6003 adumas@robbinsllp.com Shareholder Information Form About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Schmitt Industries, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome.
NEW YORK, Oct. 27, 2022 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Schmitt Industries, Inc. (NASDAQ: SMIT) between September 1, 2020 and September 20, 2022, both dates inclusive (the “Class Period”), of the important December 12, 2022 lead plaintiff deadline in the securities class action commenced […]...