Financial News

The Law Offices of Frank R. Cruz Continues Investigation of Napco Security Technologies, Inc. (NSSC) on Behalf of Investors

The Law Offices of Frank R. Cruz continues its investigation of Napco Security Technologies, Inc. (“Napco” or the “Company”) (NASDAQ: NSSC) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On August 18, 2023, after the market closed, Napco disclosed that its financial statements for fiscal quarters ended September 30, 2022, December 31, 2022 and March 31, 2023 should no longer be relied upon. Napco explained that management "identified 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" because the Company’s costing procedures did not appropriately account for component cost fluctuations. As a result, the Company disclosed that it overstated its inventories and understated its COGS, and that it overstated gross profit, operating income and net income in each period.

On this news, Napco’s stock price fell $17.30, or 45%, to close at $21.11 per share on August 21, 2023, thereby injuring investors.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Napco securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the myMotherLode.com Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info
Feedback