Investors of Napco Security Technologies Encouraged to Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Napco Security Technologies Inc. (“Napco” or the “Company”) (NASDAQ: NSSC).
NAPCO INVESTORS WHO HAVE SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C.
Shares of Napco stock fell significantly in pre-market trading on August 21, 2023, after Napco disclosed that “[o]n August 14, 2023, the Audit Committee of the Board of Directors of the Company concluded that the Company’s previously issued unaudited interim financial statements for fiscal quarters ended September 30, 2022, December 31, 2022 and March 31, 2023, respectively, included in the Company’s quarterly report on Form 10-Q for such respective quarters should no longer be relied upon.”
Napco also reported that “[d]uring the preparation of the Company’s consolidated financial statements for the fiscal year ended June 30, 2023, management of the Company identified certain errors related to the Company’s calculation of cost of goods sold (‘COGS’) and inventory for each of the first three quarters of fiscal 2023. Specifically, although the costs of several components fluctuated substantially during fiscal 2023, the Company’s costing procedures did not appropriately account for such fluctuations. As a result, inventories were overstated and COGS was understated, resulting in overstated gross profit, operating income and net income for each period.”
INVESTORS OF NAPCO STOCK ARE ALSO ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATION AND POTENTIAL LEGAL CLAIMS.