NOTICE OF INQUIRY: Law firm Schall encourages investors in Schmitt Industries, Inc. with losses of $100,000 to contact the firm

LOS ANGELES–(BUSINESS WIRE)–The Schmitt Law Firm, a national firm specializing in shareholder rights litigation, announces that it is investigating claims on behalf of investors of Schmitt Industries, Inc. (“Schmitt” or “the company ”) (NASDAQ: SMIT) for violating securities laws.

The investigation aims to determine whether the Company has made false and/or misleading statements and/or has failed to disclose relevant information to investors. Schmitt announced on September 20, 2022 that its financial statements should no longer be relied upon as of August 31, 2021 due to “certain errors” made by the Company, which added that it would “restate its previously filed quarterly financial statements “. for the periods from August 31, 2021” and that “the Company expects to report at least one material weakness following the completion of its analysis of the cause of these restatements”. Previously, the company announced on September 14, 2022 that it had “received written notice from the Listing 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”) on or before September 13, 2022, as required for continued listing on the Nasdaq Capital Markets pursuant to Rule Nasdaq listing 5250(c)(1).Based on this news, Schmitt shares fell 18% on September 21, 2022.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us via the firm’s website at www.schallfirm.com or by e-mail at [email protected]

The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to do nothing, you can remain an absent member of the group.

Schall Law Firm represents investors worldwide and specializes in securities class action and shareholder rights litigation.

This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethical requirements.