NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Latch, Inc. (“Latch” or the “Company”) (NASDAQ: LTCH) on behalf of Latch stockholders. Our investigation concerns whether Latch has violated the federal securities laws and/or engaged in other unlawful business practices.
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Latch, Inc., a maker of smart locks and building-management software, went public in a merger with a special purpose acquisition company (“SPAC”) backed by New York-based real estate firm Tishman Speyer in early 2021. It has traded as high as $19.70 per share since listing. It closed at $0.9477 on August 26, 2022 after announcing a material financial accounting restatement.
Latch cited material errors and possible irregularities relating to, among other things, the way it recognized revenue associated with the sale of hardware devices since listing its shares on NASDAQ. It noted in an 8-K filing with the U.S. Securities and Exchange Commission that:
- The Audit Committee has determined the statements for 2021 and 1Q 2022 will be restated, and;
- “Based on the preliminary findings of the Investigation, certain revenue recognition errors occurred as a result of unreported sales arrangements due to sales activity that was inconsistent with the Company’s internal controls and procedures.”
If you purchased or otherwise acquired Latch shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
