SHAREHOLDER ALERT: Potential Recovery for NAPCO Security Technologies, Inc. (NSSC) Investors Affected by Stock Drop – Levi & Korsinsky Pursuing Class Action Lawsuit
News provided byACCESSWIRE
Sep 19, 2023, 7:30 PM ET
NEW YORK, NY / ACCESSWIRE / September 19, 2023 / If you suffered a loss on your NAPCO Security Technologies, Inc. (NASDAQ:NSSC) investment and want to learn about a potential recovery under the federal securities laws, follow the link below for more information:
or contact Joseph E. Levi, Esq. via email at firstname.lastname@example.org or call (212) 363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: A class action securities lawsuit was filed against NAPCO Security Technologies, Inc. that seeks to recover losses of shareholders who were adversely affected by alleged securities fraud between November 7, 2022 and August 18, 2023.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed 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; (4) as a result, NAPCO would need to restate its previously filed unaudited financial statements for certain periods; and (5) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
WHAT'S NEXT? If you suffered a loss in NAPCO stock during the relevant time frame - even if you still hold your shares - go to https://zlk.com/pslra-1/napco-lawsuit-submission-form?prid=48863&wire=1 to learn about your rights to seek a recovery. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
SOURCE: Levi & Korsinsky, LLP
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