SAN FRANCISCO, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Napco Security Technologies, Inc. (NASDAQ: NSSC) investors who suffered substantial losses to submit your losses now.
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Napco Security Technologies, Inc. (NASDAQ: NSSC) Investigation:
The investigation focuses on the propriety of Napco’s previously filed financial statements and assurances they were prepared in accordance with Generally Accepted Accounting Principles.
On Aug. 18, 2023, Napco’s statements came into question when the company announced that investors should no longer rely on its previously filed financial statements covering the quarters ended Sept. 30 and Dec. 31, 2022 and the quarter ended Mar. 31, 2023. The company also said that it would restate those financial statements, admitting to its improper calculation of cost of goods sold and inventory.
In addition, Napco estimated that: (1) its net income for the quarter ended Sept. 30, 2022 was overstated by 120%; (2) its net income for the quarter ended Dec. 31, 2022 was overstated by 127%; and (3) its net income for the quarter ended Mar. 31, 2023 was overstated by 13%.
This news was followed by a wave of analyst downgrades and drove the price of Napco shares crashing lower.
“We’re focused on investors’ losses and whether Napco cooked its books,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Napco Security Technologies and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Napco Security Technologies should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NSSC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
