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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.
Breach of Fiduciary duty,
Shock Event Date
20 September 2022