NEW YORK, NY / ACCESSWIRE / September 22, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Schmitt Industries, Inc. ('Schmitt' or the 'Company') (NASDAQ:SMIT).

If you suffered losses exceeding $50,000 investing in Schmitt stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SMIT.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

On September 20, 2022, after trading hours, Schmitt announced that its previous financial statements as of August 31, 2021 and going forward 'should no longer be relied upon' due to 'certain errors' made by the Company, that it would 'restate its previously filed quarterly financial statements for periods from August 31, 2021 forward,' and that '[t]he Company expects to report at least one material weakness following completion of its analysis of the cause of these restatements.'

Schmitt also announced that on September 14, 2022, the Company 'received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ('Nasdaq') notifying us that we did not file our Annual Report on Form 10-K for the fiscal year ended May 31, 2022 (the 'Form 10-K') by September 13, 2022, as required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5250(c)(1).'

On this news, Schmitt's stock fell 18% to close at $3.12 per share on September 21, 2022, on unusually heavy trading volume.

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SOURCE: Faruqi & Faruqi, LLP