{"id":781178,"date":"2023-08-30T17:52:48","date_gmt":"2023-08-30T21:52:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-napco-security-technologies-inc-nssc\/"},"modified":"2023-08-30T17:52:48","modified_gmt":"2023-08-30T21:52:48","slug":"gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-napco-security-technologies-inc-nssc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-napco-security-technologies-inc-nssc\/","title":{"rendered":"Gainey McKenna & Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against NAPCO Security Technologies Inc. (NSSC)"},"content":{"rendered":"
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NEW YORK, Aug. 30, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased the securities of NAPCO Security Technologies Inc (\u201cNAPCO\u201d or the \u201cCompany\u201d) (NYSE: NSSC) between November 7, 2022 and August 18, 2023, both dates inclusive (the \u201cClass Period\u201d).<\/p>\n

The Complaint alleges that Defendants made 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) NAPCO\u2019s unaudited financial statements from September 30, 2022 to the present included \u201ccertain errors\u201d 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\u2019 statements about its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times.<\/p>\n

The Complaint alleges that when this news came out, NAPCO\u2019s share price fell $17.30, or 45.04%, to close at $21.11 on August 21, 2023, the next trading day, damaging investors.<\/p>\n

Investors who purchased or otherwise acquired shares of NAPCO should contact the Firm prior to the October 30, 2023 <\/em><\/strong>lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.\u00a0 If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com<\/u><\/a> or gegleston@gme-law.com<\/u><\/a>.<\/p>\n

Please visit our website at http:\/\/www.gme-law.com<\/u><\/a> for more information about the firm.<\/p>\n

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<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Aug. 30, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased the securities of NAPCO Security Technologies Inc (\u201cNAPCO\u201d or the \u201cCompany\u201d) (NYSE: NSSC) between November 7, 2022 and August 18, 2023, both dates inclusive (the \u201cClass Period\u201d). The Complaint alleges that Defendants made 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) NAPCO\u2019s unaudited financial statements from September … <\/p>\n

Continue reading “Gainey McKenna & Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against NAPCO Security Technologies Inc. (NSSC)”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-781178","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGainey McKenna & Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against NAPCO Security Technologies Inc. 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