SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Latch, Inc. - LTCH
NEW YORK, Oct. 10, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Latch, Inc. ("Latch" or the "Company") (NASDAQ: LTCH). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Latch and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 25, 2022, in a filing with the U.S. 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') has commenced an investigation (the 'Investigation') of possible current and prior period matters that include, but may not be limited to, certain aspects of the Company's current and historic key performance indicators and revenue recognition practices, including the accounting treatment, financial reporting and internal controls related thereto." The Company's filing further stated that "[w]hile the Investigation is ongoing, on August 19, 2022, based on the preliminary findings of the Investigation, the Audit Committee determined that the Company's consolidated financial statements for 2021 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and associated report of the Company's independent registered public accounting firm, Deloitte & Touche LLP ('Deloitte'), as well as the Company's consolidated financial statements 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, should no longer be relied upon as a result of material errors and possible irregularities relating to, among other things, the manner in which the Company recognized revenue associated with the sale of hardware devices during 2021 and the first quarter of 2022. Accordingly, the Audit Committee, in consultation with the Company's management, has determined that the Company's consolidated 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 acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. 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 in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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