SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of publicly traded NAPCO Security Technologies, Inc. (NASDAQ: NSSC) securities between November 7, 2022 and August 18, 2023, inclusive (the “Class Period”) have until October 30, 2023 to seek appointment as lead plaintiff of the NAPCO Security class action lawsuit. Captioned Zornberg v. NAPCO Security Technologies, Inc., No. 23-cv-06465 (E.D.N.Y.), the NAPCO Security class action lawsuit charges NAPCO Security and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the NAPCO Security class action lawsuit, please provide your information here:
CASE ALLEGATIONS: NAPCO Security engages in the development, manufacture, and distribution of security products.
The NAPCO Security class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) NAPCO Security failed to address any material weaknesses with internal controls regarding cost of goods sold (“COGS”) and inventory; (ii) NAPCO Security downplayed the severity of material weaknesses regarding its internal controls; (iii) NAPCO Security’s unaudited financial statements from September 30, 2022 to the present included “certain errors” such as overstating inventory and understating net COGS, resulting in overstated gross profit, operating income, and net income for each period; and (iv) as a result, NAPCO Security would need to restate its previously filed unaudited financial statements for certain periods.
The NAPCO Security class action lawsuit further alleges that on August 18, 2023, NAPCO Security announced it would restate its unaudited financial statements from September 30, 2022 to the present. Specifically, the NAPCO Security class action lawsuit alleges that NAPCO Security disclosed that its “inventories were overstated and COGS was understated, resulting in overstated gross profit, operating income and net income for each period.” The NAPCO Security class action lawsuit alleges that on this news, the price of NAPCO Security stock fell more than 45%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired publicly traded NAPCO Security securities during the Class Period to seek appointment as lead plaintiff of the NAPCO Security class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the NAPCO Security class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the NAPCO Security class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the NAPCO Security class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.