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Schmitt Industries, Inc. Class Action Lawsuit - SMIT

10 days left to seek lead plaintiff status

Case Summary

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The Schmitt Industries class action lawsuit seeks to represent purchasers or acquirers of Schmitt Industries, Inc. (NASDAQ: SMIT) publicly traded securities between September 1, 2020 and September 20, 2022, inclusive (the “Class Period”).  The Schmitt Industries class action lawsuit – captioned Steinberg v. Schmitt Industries, Inc., No. 22-cv-01533 (D. Or.) – charges Schmitt Industries and certain of its top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Schmitt Industries class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Schmitt Industries class action lawsuit must be filed with the court no later than December 12, 2022.

CASE ALLEGATIONS: Schmitt Industries purports to design, manufacture and sell high precision test and measurement products, solutions, and services through its Acuity® and Xact® product lines.  Acuity provides laser and white light sensor distance measurement and dimensional sizing products, and their Xact line provides ultrasonic-based remote tank I monitoring products and related monitoring revenues for markets in the Internet of Things environment.

The Schmitt Industries class action lawsuit alleges that defendants throughout the Class Period failed to disclose that: (i) Schmitt Industries continuously downplayed its serious issues with internal controls; (ii) Schmitt Industries’ financial statements from August 31, 2021 to the present included “certain errors”; and (iii) as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods.

On September 20, 2022, Schmitt Industries revealed that it would restate its financial statements from August 31, 2021 to the present and expected to report at least one material weakness, stating that “any previously issued or filed reports, press releases, earnings releases, and investor presentations or other communications describing [Schmitt Industries’] financial statements and other related financial information covering [the quarterly periods ended from August 31, 2021 through February 28, 2022] should no longer be relied upon.”  On this news, Schmitt Industries’ stock price fell approximately 17%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Schmitt Industries publicly traded securities during the Class Period to seek appointment as lead plaintiff.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Schmitt Industries class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Schmitt Industries class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Schmitt Industries class action lawsuit. 

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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