A lawsuit was filed on behalf of investors in Latch, Inc. (NASDAQ:LTCH) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/12/2022 -- An investor, who purchased shares of Latch, Inc. (NASDAQ: LTCH), filed a lawsuit over alleged violations of Federal Securities Laws by Latch, Inc. in connection with certain allegedly false and misleading statements
Investors who purchased shares of Latch, Inc. (NASDAQ: LTCH) have certain options and for certain investors are short and strict deadlines running. Deadline: October 31, 2022. NASDAQ: LTCH investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
New York based Latch, Inc. operates as an enterprise technology company in the United States and Canada. On August 25, 2022, after the market closed, Latch, Inc. revealed that it would restate financial statements for 2021 and the first quarter of 2022 due to revenue recognition errors related to the sale of hardware devices. Specifically, Latch, Inc. stated that "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." Shares of Latch, Inc. (NASDAQ: LTCH) declined from $14.83 per share on September 16, 2021, to as low as $0.93w per share on September 2, 2022.
The plaintiff claims that between May 13, 2021 and August 25, 2022, the Defendants failed to disclose to investors that there were unreported sales arrangements related to hardware devices, that, as a result, the Company had improperly recognized revenue throughout fiscal 2021 and first quarter 2022, that there were material weaknesses in Latch's internal control over financial reporting related to revenue recognition, that, as a result of the foregoing, Latch would restate financial statements for fiscal 2021 and first quarter 2022, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Latch, Inc. (NASDAQ: LTCH) have certain options and should contact the Shareholders Foundation.
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