NEW YORK, Oct. 30, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Latch, Inc. (“”Latch” or the “Company”) (NYSE: LTCH). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529 ext. 7980.
The investigation focuses on whether Latch and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
On August 25, 2022, in a filing with the United States Securities and Exchange Commission, Latch stated that “[a]s previously disclosed by Latch, Inc. . . . on August 10, 2022, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) initiated an investigation (the “Investigation”) into possible current and past issues which include, but without limitation, certain aspects of the Company’s current and historical key performance indicators and revenue recognition practices, including accounting treatment, financial reporting and related internal controls. The company’s filing further stated that “[w]While the investigation is ongoing, on August 19, 2022, based on the preliminary findings of the investigation, the Audit Committee determined that the Company’s 2021 consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2021 and the associated report of the Company’s independent registered public accounting firm, Deloitte & Touche LLP (“Deloitte”), together with the consolidated financial statements of the Company for the first quarter of 2022 included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2022, shall no longer be relied upon due to material errors and possible related irregularities, among other , how the Company recognized revenue associated with the sale of hardware devices in 2021 and the first quarter of 2022. Accordingly, the Audit Committee, in consultation with Company management, has determined that the end ances of the Company The financial statements for 2021 and the first quarter of 2022 will be restated.
On this news, Latch’s stock price fell $0.13 per share, or 12.22%, to close at $0.95 per share on August 26, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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