NAPCO Security Technologies Stock (NSSC) Lawsuit Investigation
On August 21, 2023, NAPCO Security Technologies, Inc. (NASDAQ: NSSC) plunged over 45% in intraday trading after announcing on Friday that it would be restating previously reported audited interim financial results for the first three quarters of its 2023 fiscal year due to accounting errors.
Following this news, NAPCO’s stock price plummeted over 45% in intraday trading on Monday, August 21, 2023, causing significant harm to investors.
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Why is NAPCO (NSSC) Stock Dropping?
After market hours on Friday, August 18, 2023, NAPCO announced its prelimiary 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.
On this news, NAPCO’s stock plummeted over 45% in intraday trading on Monday, August 21, 2023, causing significant harm to investors.
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