Napco Plummets as Restatements Draw Downgrades: Street Wrap

(Update stock move at market open.)

Napco Security Technologies falls as much as 45% on Monday, its biggest intraday fall since September 2008, after the electronic security device maker said it would restate three quarters of financial statements. William Blair and B Riley downgraded their ratings in the wake of the announcement.

• Napco said it identified certain errors in its calculation of cost of goods sold and inventory for each of the first three quarters of fiscal 2023
  • The company also reported preliminary quarterly results that fell short of analysts’ expectations
  • It announced a 28% increase in quarterly dividend to ...