Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Oct. 27, 2023 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises NAPCO Security Technologies, Inc. (“NAPCO” or “the Company”) (NASDAQ: NSSC) investors that a lawsuit filed on behalf of investors that purchased NAPCO securities between November 7, 2022 and August 18, 2023, inclusive (the “Class Period”)
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint alleges that during the specified Class Period, the Defendants engaged in the following actions: (1) NAPCO failed to rectify any significant deficiencies in its internal controls concerning COGS and inventory; (2) NAPCO minimized the seriousness of these internal control weaknesses; (3) NAPCO’s unaudited financial statements from September 30, 2022, until the present contained “certain errors,” such as overestimating inventory and misunderstanding net COGS, leading to inflated gross profit, operating income, and net income for each period; (4) consequently, NAPCO would need to revise its previously submitted unaudited financial statements for specific time frames; and (5) as a result, the Defendants’ statements regarding the company’s business, operations, and future prospects were significantly inaccurate and misleading, lacking a reasonable basis throughout the relevant period. The lawsuit contends that when the true details became publicly known, investors incurred losses.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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