Recent Updates — LTCH

Andrew Sugrue resigned from the board of directors and all committees, effective immediately. The resignation was not due to a disagreement with management. Consequently, the board size was reduced from six members to five.

Latch, Inc. adopted a retention bonus program for key executives David Lillis (CEO), Jeff Mayfield (CFO), and Priyen Patel (Chief Strategy and Legal Officer). The awards are valued at $250,000, $225,000, and $187,500 respectively, contingent on continued employment through December 31, 2027. Pro rata payments apply if terminated without cause or for good reason before the deadline, subject to clawback provisions. Latch, Inc. operates in the smart building technology industry, providing digital access control and IoT solutions.

On July 20, 2026, the U.S. District Court for the Southern District of New York granted preliminary approval of a proposed settlement resolving consolidated stockholder derivative actions alleging breaches of fiduciary duty and false statements regarding financial metrics from May 2021 through August 2022. The settlement requires Latch to implement corporate governance reforms, including appointing a Lead Independent Director if the Chairman is not independent, establishing a Disclosure Committee, and conducting annual accounting training, for at least three-and-a-half years. Additionally, Latch or its insurers will pay $450,000 in attorneys' fees and expenses to plaintiffs' counsel, with up to $2,000 service awards per plaintiff. The final approval hearing is scheduled for October 6, 2026. Latch, Inc. operates in the smart building technology industry, providing software solutions for access control and environmental management.