Tishman Speyer Properties affiliates, including billionaire co-founder Jerry Speyer, were hit with shareholder litigation Tuesday challenging the blank-check merger they engineered between smart lock startup latch and TS Innovation Acquisitions almost two years ago.
The lawsuit also targets the real estate giant's CEO, Rob Speyer, and other backers of the SPAC that combined with Latch to take it public, Bloomberg reports. It accuses them of duping investors into a disastrous deal because the transaction's lopsided structure gave them a huge windfall even if non-insiders were wiped out.
Latch is the developer of the enterprise software-as-a-service (SaaS) platform LatchOS.
The company began trading at $10.83 on June 4, 2021. The stock closed today at 76 cents. Read more.
Source: Tishman Speyer, Billionaire Co-Founder Face SPAC Deal Challenge on Latch Inc.