The law firm of Kirby McInerney LLP is investigating potential claims against Schmitt Industries, Inc. (“Schmitt” or the “Company”) (NASDAQ: SMIT). The investigation concerns whether Schmitt and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
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 to close at $2.28 the following day.
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 firstname.lastname@example.org, 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.
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