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NSSC.US
id: 811
NAPCO Security Technologies, Inc. (NSSC) Failed Financial Control Case
E.D. New York
Court1:23-cv-06045
Case number07 Nov 2022
Class period Start18 Aug 2023
Class period End30 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
Dismissed
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