Latch, Inc. (NASDAQ: LTCH)
NEW YORK, NY – August 27, 2022 – Wolf Haldenstein Adler Freeman & Herz LLP is investigating whether Latch, Inc. (“Latch” or the “Company”) (NASDAQ: LTCH) complied with federal securities laws.
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 after listing. It closed on August 26, 2022 at $0.9477 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”
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this investigation Latch, Inc. or have any questions regarding your rights and interests in this situation, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at firstname.lastname@example.org.
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Patrick Donovan, Esq.
Tel: (800) 575-0735 or (212) 545-4774