Johnson Fistel Announces a Class Action Complaint has Been Filed Against NAPCO Security Technologies, Inc.
Johnson Fistel, LLP notifies investors of NAPCO Security Technologies, Inc. (“NAPCO” or the “Company”) (NASDAQ: NSSC) a securities class action lawsuit has been filed. The lawsuit seeks to recover losses on behalf of investors who acquired securities within the class period. Investors who acquired securities during the class period, November 7, 2022 and August 18, 2023, inclusive (the “Class Period”) are encouraged to review the following information.
Napco Security Technologies, Inc.
There is no cost or obligation to you.
Complaint Allegations: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) NAPCO failed to address any material weaknesses with internal controls regarding COGS and inventory; (2) NAPCO downplayed the severity of material weaknesses regarding their internal controls; (3) NAPCO’s unaudited financial statements from September 30, 2022 to the present included “certain errors” such as overstating inventory and understanding net COGS, resulting in overstated gross profit, operating income and net income for each period; (4) as a result, NAPCO would need to restate its previously filed unaudited financial statements for certain periods; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What can Investors Do: Shareholders who incurred losses during the class period, have until October 30, 2023, to move the court to become a lead plaintiff in this action.A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
Johnson Fistel, LLP is a shareholder rights law firm representing individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information, visit their website http://www.johnsonfistel.com.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Frank Johnson, 619-309-4405