NEW YORK, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NAPCO Security Technologies, Inc. (“NAPCO” or the “Company”) ( NSSC). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether NAPCO and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 18, 2023, after market hours, NAPCO issued a press release entitled “NAPCO Reports Preliminary Fourth Quarter Fiscal 2023 Net Sales and Net Income, Restatement of Prior Three Quarters and Declaration of Increased Dividend”. The press release stated, among other things, 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.” The press release further stated that “the Company 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.”
On this news, NAPCO’s stock price fell $17.30 per share, or 45.04%, to close at $21.22 per share on August 21, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
