Latch, Inc (LTCH-US) - Update

Things aren't looking good

Today, Latch announced that its CEO, CFO and CAO (Chief Accounting Officer) have all resigned. They are still yet to release 2Q or 3Q results. The company appointed Jason Keyes as interim CEO and Marc Landy as CFO. They’ve been contracted from a company called Alix Partners, who seem to be some sort of restructuring specialists. I guess it should have been obvious when the CFO entered into a severance benefits agreement about a month ago, so he’ll be going out with a big fat cheque. The CEO also walks about with nearly $800k in severance benefits - not a bad sum for destroying nearly $2bn in shareholder value in under 2 years.

Still can’t really update much given that we’re still two (nearly three) quarters behind on statements.