LOS ANGELES, Sept. 30, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come October 31, 2022 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors claiming Latch, Inc. f/k/a TS Innovation Acquisitions Corp. (“Latch” or the “Company”) purchased or otherwise acquired LTCHLTCHW)) securities between May 13, 2021 and August 25, 2022inclusive (the “Class Period”).
If you have suffered a loss on your latch investments or would like to inquire about the possibility of making claims to recover your loss under the federal securities laws, you may submit your contact information at https://www.glancylaw.com/cases/latch-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.
On August 25, 2022, after the market closed, Latch announced that it would restate its 2021 and first quarter 2022 financial statements due to revenue recognition errors related to hardware device sales. Specifically, the company stated that “certain revenue recognition errors occurred as a result of unreported sales agreements resulting from selling activities that were inconsistent with the company’s internal controls and procedures.”
As a result of this news, Latch’s stock fell $0.13, or 12.2%, on unusually high trading volume to close at $0.95 per share on August 26, 2022.
The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors: (1) that there were undisclosed hardware device sales agreements; (2) as a result, the Company had incorrectly recognized revenue throughout fiscal year 2021 and the first quarter of 2022; (3) that there are significant weaknesses in Latch’s internal…
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