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id: 811, Created by Stan Vick, Scout
NAPCO Security Technologies, Inc. (NSSC) Failed Financial Control Case
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E.D. New YorkCourt
- 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.
Failure to Disclose,
Shock Event Date
19 August 2023
29 August 2023
Lead Plaintiff Deadline
30 October 2023