Latch Expands Audit, Admits More "Errors", More Delays

By IPVM Team, Published Nov 11, 2022, 08:29am EST (Info+)

In August 2022, 3 months ago, Latch admitted to an investigation into its financial reporting, while IPVM exclusively reported that Latch manipulated and inflated bookings.

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Now, Latch has admitted to expanded problems for the company and further delays in releasing financials. Inside this note, we examine the latest.

Expanded ******

** **** *** ******, *********** ***. **, ****, ***** **** its ***** ********* *** ***** “******** errors” *** “******** **************” ******* ** its ******* *********** *** *** **** of ******** *******. ***** ** *** preliminary ******** ** *** *********, *** errors ****** ** ** “* ****** of ********** ***** ************ *** ** sales ******** **** *** ************ **** the *******’* ******** ******** *** **********.”

*** ****** ********** **** ***** ***** more ***** ** *** *****, ***** it **************** ****** ** ********* “******* ******* of *** *******’* ******* *** ******** key *********** ********** *** ******* *********** practices, ********* *** ********** *********, ********* reporting *** ******** ******** ******* *******.”

***** **** ******** ** *** ****** filing **** *** ***** *** **** expanded, *** ** *** **** ************ 2019 *** **** **********. ** ***, “additional ****** **** **** ********** *** those *******; *******, *** ****** ** those ****** *** *** **** **********, and ***** *** ** ** ********* that *** ****** **** *** ** material,” *** ******* ****.

***** **** **** *** ********* ********** for ****, ********* *** ****** ****** to ************, ******** *** *******, *** a ****** ** ****** ********** **** Deloitte & ****** ***, *** ********* statements *** *** ***** ******* ** 2022 “****** ** ****** ** ****** upon” ******* ** *** ****** ** has ********* ** ***.

*** ******* **** **** *** “***** committee, ** ************ **** *** *******’* management, ********** **** *** *******’* ************ financial ********** *** **** *** *** first ******* ** **** **** ** restated.”

** * ****** ** *** ******* probe, **************** ************ ******, ***** **** ** **** be ****** ** **** *** ***** quarter **** ********* ****** **** *** SEC ** *** ******** ********. ** has **** *** *** ***** *** second ******* **** ****** **** *** agency.

Delays ** *********

** ***. **, ****, ***** ******** a ****** **** ****** ********* ** that ** *** *** ** ********** with ******* ************ ******* ** *** failure ** **** *** ****** ******* financial ****** **** *** ***. ***** said **** ** “********* * **** to ****** ********** **** *** ****, and ****** ******* ** ********* *** the ******* ** ****** ********** ** filing **** *** ****** ******* ****** and ***** ******* ****** ** ***. 6, ****.”

*** **** ********* *********** ***** *** *** ****, **** **** *** ******** ******* that ***** **** ** ** ** 10 ****** ******* ********* ********* **********.

Financial ******?

****** *** ******* ****** *** ** be ***** ********, ********* *** *** public **** ** ***** ** *** this ******** ****** ******* *** **** performing ***** *****. ** **** ****, the ******* *** *** ******** ****** of *******, *** **** **%+ ** its *********, *** ******* ** **** *** ** ***** *** ************ *** **** ****.

***** ** ** ********** ** ******** Latch's ********* *********** ** *** *** pace **** *** ******** **** ********** projections, *** ********** **** ** *** Latch ** ***** ** ** ********* question **** ****** ** ******** ***** these ******* ********* ******.

Stock ******

*** ***** ** **** ~**% ***** SPACing **** **** *** *** ****** ~$1 ***** *** ******. *** ****** capitalization ($*** *******) ******* ************* ***** its **** ** *** ****.

**** ******** *** ******** ********* *** * ******** ******, **** ***** ************** *** ******** end, **** * *** ********** **** and *** *****, * ******** *********** exists ** **** ****** *******.

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