The law firm of Kirby McInerney LLP is investigating potential claims against Napco Securities Technologies, Inc. (“Napco” or the “Company”) (NASDAQ: NSSC). The investigation concerns whether Napco and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
Napco develops electronic vehicle charging stations for building owners, parking garages, municipalities, sporting venues, and other public areas.
On August 18, 2023, Napco disclosed that it failed to maintain appropriate controls over financial reporting. According to the Company, it identified errors in its cost of goods sold and inventory calculations for the first three quarters of 2023. As a result, Napco’s inventories were overstated and cost of goods sold was understated, resulting in overstated gross profit, operating income and net income for each period. On this news, the price of Napco shares declined by $17.30, or approximately 45%, from $38.41 per share to close at $21.11 on August 21, 2023.
If you purchased or otherwise acquired Napco securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
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