After the market had closed on August 25, 2022, enterprise technology company, Latch, Inc., disclosed that the Company’s financial statements for 2021 and Q1 2022 should no longer be relied upon and would need to be restated following preliminary findings of an audit committee investigation regarding revenue recognition practices.
Previously, Latch had slashed guidance by 25% when announcing Q4 2021 financial results after the market had closed on February 24, 2022.
Latch, Inc. went public via deSPAC transaction in June of 2021.
Shares of Latch, Inc. fell more than 12% in intraday trading on August 26, 2022, following the restatement announcement and had previously fallen by 24% in intraday trading on February 25, 2022, after the guidance cut.
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