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Latch, Inc. f/k/a TS Innovation Acquisitions Corp. Class Action Lawsuit - LTCH

27 days left to seek lead plaintiff status

Case Summary

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The Latch class action lawsuit seeks to represent purchasers or acquirers of Latch, Inc. f/k/a TS Innovation Acquisitions Corp. (NASDAQ: LTCH; LTCHW) securities between May 13, 2021 and August 25, 2022, inclusive (the “Class Period”).  The Latch class action lawsuit – captioned Brennan v. Latch, Inc. f/k/a TS Innovation Acquisitions Corp., No. 22-cv-07473 (S.D.N.Y.) – charges Latch and certain of its top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Latch class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Latch class action lawsuit must be filed with the court no later than October 31, 2022.

CASE ALLEGATIONS: Latch is an enterprise technology company that offers a full-building operating system, LatchOS, to address requirements of modern buildings, including modules for delivery and guest management as well as smart home and sensors.  On or about June 3, 2021, Latch became a public entity via a business combination with TS Innovation Acquisitions Corp., a special purpose acquisition company (also known as a SPAC or blank-check company).

The Latch class action lawsuit alleges that defendants failed to disclose that: (i) there were unreported sales arrangements related to hardware devices; (ii) as a result, Latch had improperly recognized revenue throughout fiscal 2021 and first quarter 2022; (iii) there were material weaknesses in Latch’s internal control over financial reporting related to revenue recognition; and (iv) consequently, Latch would restate financial statements for fiscal 2021 and first quarter 2022.

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.  Specifically, Latch stated that “certain revenue recognition errors occurred as a result of unreported sales arrangements due to sales activity that was inconsistent with [Latch’s] internal controls and procedures.”  On this news, Latch’s stock price fell by more than 12%, damaging investors.

Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance.  Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors.  The rise in blank check financing poses unique risks to investors.  Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Latch securities during the Class Period to seek appointment as lead plaintiff.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Latch class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Latch class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Latch class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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