LOS ANGELES, Sept. 22, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Napco Security Technologies, Inc. ("Napco" or the "Company") (NASDAQ: NSSC).
Class Period: November 7, 2022 ? August 18, 2023
Lead Plaintiff Deadline: October 30, 2023
If you wish to serve as lead plaintiff of the Napco lawsuit, you can submit your contact information at www.glancylaw.com/cases/Napco-Security-Technologies-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Napco failed to address any material weaknesses with internal controls regarding 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' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP