Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against NAPCO Security Technologies, Inc. (“NAPCO” or “the Company”) (NASDAQ: NSSC) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired NAPCO securities from November 7, 2022 through August 18, 2023 (the “Class Period”). Investors who acquired NAPCO securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is October 30, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased NAPCO securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST NAPCO SECURITY TECHNOLOGIES, INC.
According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose 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) NAPCOs 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 statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
ABOUT NAPCO SECURITY TECHNOLOGIES, INC.
What is NAPCO Security Technologies, Inc.?
- NAPCO Security Technologies, Inc. is a company that specializes in the development, manufacturing, and distribution of security solutions for various applications. Their products include electronic security systems, access control systems, intrusion detection systems, fire alarm systems, and communication devices. These solutions are designed for residential, commercial, and institutional customers, helping to protect properties and assets through advanced security technologies.
When was NAPCO Security Technologies, Inc. founded?
- NAPCO Security Technologies, Inc. was founded in 1969. It has since grown to become a prominent player in the security industry, providing a wide range of products and services to cater to the evolving needs of the security market.
What does NAPCO Security Technologies, Inc. offer?
- Intrusion Detection Systems: NAPCO provides a range of intrusion detection systems that include sensors, detectors, and alarm panels to protect homes, businesses, and institutions from unauthorized access or break-ins.
- Access Control Systems: They offer solutions for managing and controlling access to buildings, rooms, or certain areas. These systems often involve keyless entry, card readers, biometric access, and remote access control.
- Fire Alarm Systems: NAPCO designs fire detection and alarm systems to provide early warning and response to potential fire hazards in commercial and residential environments.
- Communication and Monitoring Devices: Their products include communication devices that connect security systems to monitoring centers or directly to property owners, allowing for alerts, notifications, and remote control.
- Connected Home and IoT Solutions: NAPCO has ventured into the Internet of Things (IoT) space with smart home security and automation solutions that allow users to control and monitor various aspects of their homes remotely.
- Wireless Security Systems: They offer wireless security solutions that can be easily installed without the need for extensive wiring, providing flexibility and convenience.
- Video Surveillance: NAPCO provides video surveillance systems that include cameras, recording equipment, and monitoring software for keeping an eye on properties and surroundings.
- Environmental Monitoring: Some of their systems are designed to monitor environmental conditions such as temperature, humidity, and other factors that might affect sensitive areas or equipment.
JOIN THIS CASE AGAINST NAPCO SECURITY TECHNOLOGIES, INC.
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in NAPCO during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is October 30, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against NAPCO are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
