LATCH ALERT: Fishman Haygood, L.L.P. Announces That It Has Filed a Class Action Lawsuit Against Latch, Inc. and Encourages Investors to Contact the Firm
30 Enero 2023 - 11:15AM
Business Wire
Fishman Haygood, L.L.P., 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
bbarriere@fishmanhaygood.com, jburge@fishmanhaygood.com, or
kelmer@fishmanhaygood.com, or by telephone at (504) 586-5252. There
is no cost or obligation to you.
About Fishman Haygood, L.L.P.:
Fishman Haygood, L.L.P. is a New Orleans-based law firm that
provides innovative solutions to the businesses, people, and places
that form the backbone of commerce on the Gulf Coast and beyond. We
offer a broad range of services tailored to meet the needs of each
and every client, from established, public multinational
corporations or new business startups to regional and local
businesses. At Fishman Haygood, we believe that no client is too
small, no matter too large. For more information about the firm,
please visit https://www.fishmanhaygood.com/about-our-firm/.
Attorney advertising. Prior results do not guarantee similar
outcomes.
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version on businesswire.com: https://www.businesswire.com/news/home/20230130005603/en/
Fishman Haygood, L.L.P. Brent B. Barriere, Esq. Jason W. Burge,
Esq. Kaja S. Elmer, Esq. Telephone: (504) 586-5252 Facsimile: (504)
586-5250 bbarriere@fishmanhaygood.com jburge@fishmanhaygood.com
kelmer@fishmanhaygood.com
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