We report the results of an analysis, based on a straightforward quantum-mechanical model, of shot noise suppression in a structure containing cascaded tunneling barriers. Our results exhibit a behavior that is in sharp contrast with existing semiclassical models for this particular type of structure, which predict a limit of 1/3 for the Fano factor as the number of barriers is increased. The origin of this discrepancy is investigated and attributed to the presence of localization on the length scale of the mean free path, as a consequence of the strictly 1-dimensional nature of disorder, which does not create mode mixing, while no localization appears in common semiclassical models. We expect localization to be indeed present in practical situations with prevalent 1-D disorder, and the existing experimental evidence appears to be consistent with such a prediction.