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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Lost Money in NAPCO Security Technologies, Inc.? Gibbs Law Group Investigates Potential Securities Law Violations

Shares of NAPCO Security Technologies, Inc. (“NAPCO”) plunged over 45% in intraday trading on August 21, 2023, after disclosing on August 18, 2023 that it had identified accounting errors related to cost calculations and will accordingly restate its financial results for the first three quarters of its 2023 fiscal year. As a result of these errors, NAPCO said it identified a material weakness in its internal control over financial reporting for the first three quarters of 2023. Gibbs Law Group is investigating a NAPCO Security Technologies Class Action Lawsuit on behalf of shareholders who lost money in NAPCO Security Technologies Inc. (NASDAQ: NSSC).

To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.

After market hours on Friday, August 18, 2023, NAPCO announced its preliminary Q4 2023 financial results and disclosed in a press release that on August 14, 2023, its Audit Committee determined that the Company’s previously issued unaudited interim financial results for the fiscal quarters ended September 30, 2022, December 31, 2022 and March 31, 2023, should no longer be relied upon. In its press release, NAPCO stated that its 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 more specifically, NAPCO’s costing procedures did not appropriately account for cost fluctuations in several components. “As a result, inventories were overstated and COGS was understated, resulting in overstated gross profit, operating income and net income for each period,” according to NAPCO.

Following this news, NAPCO’s stock plummeted over 45% in intraday trading on Monday, August 21, 2023, causing significant harm to investors.

What Should NAPCO Security Technologies Investors Do?

If you invested in NAPCO Security Technologies, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether NAPCO Security Technologies, Inc. has violated federal securities laws by providing false or misleading statements to investors.

About Gibbs Law Group

Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”

This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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