SMIT Investors Have Opportunity to Lead Schmitt Industries, Inc. Securities Fraud Lawsuit
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.
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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 Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.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.
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SOURCE Glancy Prongay & Murray LLP
