NEW YORK, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:

• Do you, or did you, own shares of NAPCO Security Technologies, Inc. (NASDAQ: NSSC)?
  
  
• Did you purchase your shares between November 7, 2022 and August 18, 2023, inclusive?
  
  
• Did you lose money in your investment in NAPCO Security Technologies, Inc.?
  
  
• Do you want to discuss your rights?

Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of NAPCO Security Technologies, Inc. (“NAPCO” or the “Company”) (NASDAQ: NSSC) between November 7, 2022 and August 18, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased or acquired NAPCO securities, and/or would like to discuss your legal rights and options please visit NAPCO Security Technologies, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

If you wish to serve as lead plaintiff, you must move the Court no later than October 30, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

The Complaint alleges that Defendants made materially false and misleading statements throughout the Class Period.  Among other things, Defendants failed to disclose to investors that: (1) NAPCO failed to address any material weaknesses with internal controls regarding cost-of-goods-sold (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; and (4) as a result, NAPCO would need to restate its previously filed unaudited financial statements for certain periods.

On August 18, 2023, after market hours, the Company issued a press release on Form 8-K announcing it would restate its unaudited financial statements from September 30, 2022 to the present. The 8-K stated in relevant part: “On August 14, 2023, the Audit Committee of the Board of Directors of the Company, concluded 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, respectively, included in the Company’s quarterly report on Form 10-Q for such respective quarters, should no longer be relied upon.”

On this news, NAPCO’s share price fell $17.30, or 45.04%, to close at $21.11 on August 21, 2023.

If you purchased or acquired NAPCO securities, and/or would like to discuss your legal rights and options please visit NAPCO Security Technologies, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com