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NSSC.US
id: 811

NAPCO Security Technologies, Inc. (NSSC) Failed Financial Control Case

E.D. New York
Court
1:23-cv-06045
Case number
07 Nov 2022
Class period Start
18 Aug 2023
Class period End
30 Oct 2023
Lead Plaintiff motion deadline
  • NAPCO disclosed a weakness in its controls over financial reporting and admitted calculation errors.
  • $NSSC dropped by 45% and lost over $630M of market cap, seriously damaging shareholders.
  • Investors suspect NAPCO of failing to address material weaknesses in internal controls.
On August 18, 2023, NAPCO Security Technologies (NSSC) disclosed a material weakness in its controls over financial reporting.

The Company identified errors related to its calculation of cost of goods sold and inventory for the first three quarters of fiscal year 2023.

On this news, $NSSC dropped by 45% and lost over $630 million of its market capitalization, seriously damaging investors.

Investors have reasons to suspect NAPCO of failing to address material weaknesses in internal controls regarding COGS and inventory. When the true details entered the market, investors suffered damages.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Negligence
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
19 August 2023
Filing date
29 August 2023
Lead Plaintiff Deadline
30 October 2023
Collecting participants…

NAPCO Security Technologies Inc

Napco Security Technologies, Inc. develops, manufactures, and sells electronic security products in the United States and internationally. The company offers access control systems, door-locking pr...

    Ticker
    NSSC.US
    ISIN
    US6304021057
    CIK
    69633
    Sector
    Industrials
    Industry
    Security & Protection Services
    Country
    USA
    Address
    333 Bayview Avenue, Amityville, NY, United States, 11701