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(1) NAPCO failed to address any material weaknesses with internal controls regarding cost of goods sold (“COGS”) and inventory; (2) NAPCO downplayed the severity of material weaknesses regarding their internal controls; (3) NAPCO’s 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.
In order to be included in the lawsuit, you must have incurred a loss on shares of NAPCO purchased during the class period listed above.
If you suffered a loss in NAPCO during the relevant time frame, you have until October 30, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.