According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

• Schmitt Industries continuously downplayed its serious issues with internal controls;
• Schmitt Industries’ financial statements from August 31, 2021 to the present included “certain errors”;
• as a result, Schmitt Industries would need to restate its previously filed financial statements for certain periods; and
• as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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