NEW YORK, October 5, 2022 /PRNewswire/ —
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation into potential securities claims on behalf of shareholders of Schmitt Industries, Inc. (NASDAQ: SMIT) arising from allegations that Schmitt could have provided misleading trading information to the investing public.
SO WHAT: If you have purchased Schmitt securities, you may be entitled to compensation without payment of disbursements or fees through a contingency fee arrangement. The law firm Rosen is preparing a class action lawsuit seeking to recover the losses of the investors.
WHAT TO DO NEXT: To join the potential class action, go to https://rosenlegal.com/submit-form/?case_id=8823 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email [email protected] Where [email protected] for more information on the class action.
WHAT DOES IT TALK ABOUT: On September 20, 2022after-hours trading, Schmitt announced that its financial statements prior to August 31, 2021 and going forward “should no longer be relied upon” due to “certain errors” made by the Company, that it “would be restating its previously filed quarterly financial statements for the periods from August 31, 2021 forward” and that “[t]The Company expects to report at least one material weakness following the completion of its analysis of the cause of these restatements.”
Schmitt also announced that the September 14, 2022the company “has received written notice from the Registration Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) advising us that we have not filed our Annual Report on Form 10-K for the fiscal year ended May 31, 2022 (the “Form 10-K”) by September 13, 2022as required for continued listing on the Nasdaq Capital Markets pursuant to Nasdaq Listing Rule 5250(c)(1).”
On this news, Schmitt shares fell 18% to close at $3.12 per share on September 21, 2022on an unusually high volume of transactions.
WHY THE ROSEN LAW: We encourage investors to select qualified attorneys with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company obtained more than $438 million for investors. In 2020, founding partner Laurence Rosen has been named by law360 as a Titan of the Plaintiffs Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Contact information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com
SOURCE Rosen Law Firm, Pennsylvania