Latch Class Action Lawsuit
What Is The Latch Class Action Lawsuit About?
The Latch Class Action Lawsuit (NASDAQ: LATCH) (Latch Class Action Lawsuit) was filed when after the market closed on August 25, 2022, Latch 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.
Is There A Latch Class Action Lawsuit?
LTCH:NASDAQ Class Action Lawsuit (Latch, Inc.) was filed on August 31, 2022 on behalf of shareholders. The lawsuit was filed because on August 25, 2022, after the market closed, Latch 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, the Company 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.”
On this news, Latch’s stock fell $0.13, or 12.2%, to close at $0.95 per share on
August 26, 2022, on unusually heavy trading volume.
Is There A Deadline For The Latch Lawsuit?
How Much Did Shareholders Lose In Latch Stock?
Shareholders who held LTCH securities saw stock fell $0.13, or 12.2%, to close at $0.95 per share on August 26, 2022, on unusually heavy trading volume
What Is The Latch Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a LTCH class action lawsuit (Latch Class Action Lawsuit) has been filed on behalf of investors who purchased Latch Class Action Lawsuit (LTCH) securities between May 13, 2022 and August 25, 2022, inclusive. For more on the LTCH Lawsuit please contact us today.
According to the LTCH lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(1) that there
were unreported sales arrangements related to hardware devices;
(2) that, as a result, the Company
had improperly recognized revenue throughout fiscal 2021 and first quarter 2022;
(3) that there
were material weaknesses in Latch’s internal control over financial reporting related to revenue
(4) that, as a result of the foregoing, Latch would restate financial statements for fiscal
2021 and first quarter 2022; and
(5) 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.
If you suffered a loss in LTCH, you have until October 31, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired LTCH securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The LTCH class-action lawsuit is directed by the lead plaintiff. To litigate the Latch Class Action lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the LTCH Class Action lawsuit.
What Does LTCH Do?
Latch, Inc. operates as an enterprise technology company in the United States and Canada.
The company offers LatchOS, an operating system that extends smart access, delivery and guest management, smart home and sensors, connectivity, and personalization and services.
Its software products include Latch Resident Mobile Applications, Latch Manager Web, and the Latch Manager Mobile Applications.
The company also offers hardware devices that include M, C, and R series door-mounted access control products; Latch Intercom, which integrates into the Latch core access systems and allows audio and video calls for remote unlocking; Latch Camera, a dome camera; Latch Hub, a connectivity solution that enables smart access, smart home, and sensor devices at various buildings; and Latch Leak Detector, a solution to enable leak prevention, detection, and resolution for building owners and residents.
In addition, it provides NFC unlock on Android that allows the user to unlock their door without even opening their phone; Latch Visitor Express, a contactless visitor entry system; and LatchID, an identification system.
The company is headquartered in New York, New York.
LTCH Class Action Lawsuit,
LTCH Class Action,