NEW YORK, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of NAPCO Security Technologies, Inc. (“NAPCO” or the “Company”) (NASDAQ: NSSC). Click Here to Join Investigation.
If you acquired NAPCO securities and would like to discuss our investigation, please click here or contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
On August 18, 2023, NAPCO issued a press release disclosing that the first three quarters of fiscal 2023 for the quarters ended September 30, 2022, December 31, 2022 and March 31, 2023 should no longer be relied upon and will be restated due to cost accounting errors. The press release further disclosed that management “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” and that the Company’s costing procedures did not appropriately account for component cost fluctuations. As a result, the Company said that “inventories were overstated and COGS was understated, resulting in overstated gross profit, operating income and net income for each period.”
Following this news, NAPCO shares fell $17.30 per share, about 45%, to close at $21.11 per share on August 21, 2023.
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If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
