Latch reveals more financial statements to be unreliable

Latch’s accounting inaccuracies appear to be worse than previously revealed. The struggling smart-lock startup said this week that “internal control deficiencies” and revenue-recognition errors rendered audited financial statements from 2019 and 2020 unreliable, Crain’s reported. The disclosure comes five months after a similar warning by the Tishman Speyer–backed, Chelsea-based firm about its 2021 and early 2022 results. An investigation by Latch’s board found errors regarding how the firm recognized revenue, including that management failed to