PR Newswire
NEW ORLEANS, Oct. 20, 2023
NEW ORLEANS, Oct. 20, 2023 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilOctober 30, 2023 to file lead plaintiff applications in a securities class action lawsuit against NAPCO Security Technologies, Inc. (NasdaqGS: NSSC), if they purchased the Company's securities between November 7, 2022 and August 18, 2023, inclusive (the "Class Period"). This action is pending in the United States District Court for the Eastern District of New York.
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NAPCO investors should visit us at https://claimsfiler.com/cases/nasdaq-nssc/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
NAPCO and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 18, 2023, post-market, the Company disclosed that "the Company's previously issued unaudited interim financial statements for the fiscal quarters ended September 30, 2022, December 31, 2022 and March 31, 2023…should no longer be relied upon" and that "a material weakness existed in the Company's internal controls over financial reporting for each of the first three quarters of fiscal 2023, rendering the Company's disclosure controls and procedures ineffective at the end of each such quarter" due to "certain errors related to the Company's calculation of cost of goods sold ("COGS") and inventory for each of the first three quarters of fiscal 2023...[a]s a result, inventories were overstated and COGS was understated, resulting in overstated gross profit, operating income and net income for each period."
On this news, shares of NAPCO fell $17.30, or 45.04%, to close at $21.11 on August 21, 2023, the next trading day.
The case is Zornberg v. Napco Security Technologies, Inc., et al., No. 23-cv-6465.
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