DOOR (OTC: LTCH) Completes Four-Year Turnaround and Resolves SEC Settlement
DOOR (OTC: LTCH), formerly known as Latch, Inc., has resolved its final major legacy matter with the Securities and Exchange Commission. The settlement concludes a four-year effort to address financial reporting issues and legal obligations that began in 2022. As part of the resolution, DOOR agreed to pay a $1 million civil penalty in quarterly installments without admitting or denying any wrongdoing. The company has also filed seven years' worth of restated financial statements with the SEC for the first time since mid-2022 and resolved four shareholder lawsuits over that period. With these matters now behind it, DOOR plans to refocus its efforts on driving profitability and supporting building operations through its Building Intelligence platform. CEO David Lillis emphasized the significance of this milestone in allowing resources to be redirected toward core business activities after years of legal and financial challenges.
Tickers: $LTCH
Topics: financial restatements SEC settlement shareholder lawsuits