NAPCO Investors: October 30, 2023 Filing Deadline in Securities Class Action – Contact Lieff Cabraser

Published

SAN FRANCISCO, CA / ACCESSWIRE / September 26, 2023 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in NAPCO Security Technologies, Inc. ("NAPCO" or the "Company") (NASDAQ:NSSC) who suffered losses from purchasing or otherwise acquiring publicly traded NAPCO securities between November 7, 2022 and August 18, 2023 to contact us immediately regarding a pending securities fraud class action against NAPCO. The deadline to apply to be lead plaintiff is October 30, 2023.

Class Period: November 7, 2022 - August 18, 2023Lead Plaintiff Motion Deadline: October 30, 2023Case information: lieffcabraser.com/securities/napcoContact us: Email or text investorinfo@lchb.com or call 1-800-541-7358

NAPCO develops, manufactures, and distributes security products.

The action alleges NAPCO made false and/or misleading statements and failed to disclose that: (1) the Company failed to address its flawed internal controls concerning inventory and cost of goods sold ("COGS"); (2) NAPCO understated the material weaknesses in its internal controls; (3) the Company's unaudited financial statements from September 30, 2022 through the present contained errors such as overstating inventory and understating net COGS, resulting in overstated gross profit, operating income and net income; and (4) as a result, NAPCO needed to restate certain of its unaudited financial results.

On Friday, August 18, 2023, after market close, NAPCO announced that its unaudited financial statements for fiscal quarters ended September 30, 2022, December 31, 2022, and March 31, 2023 contained errors relating to the calculation of inventory and COGS, and that the Company planned to restate its unaudited financial statements for each of those periods, and therefore, they should no longer be relied upon. On this news, NAPCO's stock price fell $17.30 per share, or 45.04%, from its closing price of $38.41 on August 18, 2023, to close at $21.11 on the next trading day, August 21, 2023, on elevated trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.

Contact:

Sharon LeeLieff Cabraser Heimann & Bernstein, LLP415 956-1000slee@lchb.com

SOURCE: Lieff Cabraser Heimann & Bernstein, LLP

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