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SMIT.US
D. Oregon
Court
On September 20, 2022, Schmitt (SMIT) Industries disclosed notice from Nasdaq that it did not file its Annual Report.

Schmitt has determined that its previous financial statements:
· "should no longer be relied upon due to certain errors in the ineffective application of cut-off procedures resulting primarily in the exclusion of certain general and administrative expenses from the statement of operations in the Company's financial statements during the fiscal year ended May 31, 2022,
· will require restatement.
· The Company's preliminary estimate is that the cumulative effect of these errors is a misstatement of $330,203 in under-recognized expenses over the first 3 quarters of its fiscal year; however, such amount is subject to revision as the Company finalizes its analysis."

Given the content of the press release, investors have every reason to suspect that negligence and/or fraud could have been committed, and as a result, the interests of shareholders.
Alleged Offence
Mismanagement
Financial Misrepresentation
Fraud
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
20 September 2022
Collecting participants…
Created by Stan Vick, Scout

Schmitt Industries Inc

Schmitt Industries, Inc., together with its subsidiaries, designs, manufactures, and sells test and measurement products worldwide. The company operates through two segments, Measurement and Ice Cr...

    Ticker
    SMIT.US
    ISIN
    US8068702005
    CIK
    922612
    Sector
    Technology
    Industry
    Scientific & Technical Instruments
    Country
    USA
    Address
    2765 N.W. Nicolai Street, Portland, OR, United States, 97210