INVESTOR ALERT: Edelson Lechtzin LLP Reminds NAPCO Security Technologies, Inc. (NASDAQ: NSSC) Shareholders to Consider Seeking Counsel before the October 30th Lead Plaintiff Deadline
NEWTOWN, Pa., Sept. 12, 2023 (GLOBE NEWSWIRE) -- The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of NAPCO Security Technologies, Inc. (“NAPCO”) (NASDAQ: NSSC) common stock between November 7, 2022 and August 18, 2023, both dates inclusive (the “Class Period”).Investors who purchased NAPCO common stock may move the U.S. District Court for the Eastern District of New York to appoint them as lead plaintiff, no later than *October 30, 2023*. Current holders of NAPCO stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at *844-696-7492* to discuss your investment losses, or by e-mail at elechtzin@edelson-law.com. A copy of the class action complaint can be viewed *HERE*.
Background on NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc., established in 1969, creates and distributes electronic security products worldwide. Headquartered in Amityville, New York, NAPCO specializes in supplying its products to independent security equipment distributors, dealers, and installers.
The Securities Fraud Claims
The Complaint alleges that during the Class Period, Defendants made materially false and/or misleading statements and/or material omissions, regarding the NAPCO’s business, operations, and prospects, including that: (i) NAPCO failed to address any material weakness with internal controls regarding COGS and inventory; (ii) NAPCO downplayed the severity of material weakness regarding internal controls; (iii) 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 (iv) as a result, NAPCO would need to restate its previously filed unaudited financial statements for certain periods.
On August 18, 2023, after market the closed, NAPCO issued a press release announcing that it would restate its unaudited financial statements from September 30, 2022, to the present. On this news, NAPCO’s share price fell $17.30, or 45.04%, to close at $21.11 per share on August 21, 2023, the next trading day, harming investors.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.