Latch Inc
❌ DelistedTrust Size
$450M
Peak Price
$17.78
Current Price
$0.00
Return
-100.0%
Peak Market Cap
$4.0B
What Happened
Smart access/lock company for apartment buildings. Tishman Speyer SPAC deal. Delisted in 2023 after restating financials and SEC investigation.
Latch merged with TS Innovation Acquisitions Corp (Tishman Speyer real estate) in June 2021. The company makes smart locks and building access systems for multifamily apartments. Initially seemed solid — sticky B2B product, recurring revenue from SaaS. But Latch had to restate 2 years of financial results after discovering revenue recognition errors. The SEC launched an investigation. The CFO was fired. The stock was delisted from NYSE for failure to file timely financials. Investors lost everything.
Projections vs. Reality
Projected Revenue
$300M
What they told investors
Actual Revenue
$42M
What actually happened
Hype-to-Reality Ratio: 14.0x
Key People
Luke Schoenfelder
CEO & Co-founder
Stepped down amid crisis
Rob Speyer
SPAC Sponsor
Tishman Speyer president, leveraged real estate connections
Timeline
2021-01
SPAC merger announced
2021-06
Merger completed
2022-08
Financial restatement announced
2023-01
CFO fired, SEC investigation
2023-06
Delisted from NYSE
⚖️ Legal Actions
• SEC enforcement action or investigation
• Class action lawsuit filed by shareholders
📄 SEC Filings
View all EDGAR filings for Latch Inc
Risk Scores
Dilution Score
72/100
Insider Profit Index
65/100
Hype-to-Reality Ratio
14.0x
Projected ÷ actual revenue