Fishman Haygood, LLP, a nationally recognized law firm, announces that it has filed a class action lawsuit against Latch, Inc. (“Latch” or the “Company”) (NASDAQ: LTCH) in the United States District Court for the District of Delaware on behalf of all persons and entities who purchased or otherwise acquired Latch securities in connection with the June 4, 2021 merger of Latch, Inc. with and into Lionet Merger Sub, Inc., a wholly owned subsidiary of TS Innovation Acquisitions Corp. (the “Merger”), issued pursuant to a Registration Statement filed with the U.S. Securities and Exchange Commission and declared effective on May 12, 2021 (the “Pre-Merger Registration Statement”).
The Complaint asserts claims for violations of Sections 11 and 15 of the Securities Act of 1933 against the Company and its directors based on allegations that Latch’s Pre-Merger Registration Statement materially misrepresented “Key Business Metric[s],” including, but not limited to: (1) falsely representing its sales revenue, which was based primarily on bookings of non-binding letters of intent that in reality in no way could lead to the revenue Latch projected; (2) grossly misrepresenting the “typical” timeline for converting a letter of intent into a sale; (3) misrepresenting the ease and feasibility of retrofitting buildings booked in connection with the letters of intent; (4) inflating hardware sales by delivering hardware to clients before projects were due to begin in order to recognize additional revenue on a quarterly basis; (5) touting technology and products that either did not have a proof of concept and would not be usable or deliverable; and (6) overstating the “international market” Latch had and would be able to expand into. The case is captioned Schwartz v. Latch, Inc. et al., C.A. No. 1:23-cv-00027-MN (D. Del).
The lead plaintiff deadline for this case is March 31, 2023. Any member of the proposed class may seek to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.
If you purchased or otherwise acquired shares in Latch as a result of the Merger which closed on June 4, 2021 and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brent B. Barriere, Jason W. Burge, or Kaja S. Elmer by email at firstname.lastname@example.org, email@example.com, or firstname.lastname@example.org, or by telephone at 504.586.5252. There is no cost or obligation to you.
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