LOS ANGELES, Oct. 19, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy advises Latch, Inc. (“Latch” or the “Company”) LTCH Investors that a class action lawsuit has been filed on behalf of investors. Investors who have lost money on their investment are encouraged to do so Contact Lesley Portnoy, Esq.

Investors are encouraged to contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: [email protected]to discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.

Latch is a technology company specializing in keyless entry security systems for opening and managing doors in apartment buildings via a smartphone.

On August 25, 2022, Latch announced a material accounting adjustment in a Form 8-K filed with the SEC. The company cited material errors and possible irregularities relating, among other things, to the way it has recognized revenue related to the sale of hardware devices since its shares were listed on NASDAQ. Specifically, Latch noted that “the Audit Committee has determined that the 2021 and Q1 2022 statements will be restated” and “based on the preliminary findings of the investigation, certain revenue recognition errors as a result of undisclosed sales agreements as a result of sales activity not having occurred.” was consistent with the Company’s internal controls and procedures.” As a result of this news, the price of Latch shares fell $0.14 per share, or approximately 12.96%, from $1.08 per share to a closing price of $0.94 on August 26, 2022.

The Complaint alleges that during the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose the following: (1) 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) there were material weaknesses in …