DOOR (OTC: LTCH) Resolves Final Legacy Matter, Completing Four-Year Financial Reporting Turnaround
DOOR (OTC: LTCH) announced the resolution of its final legacy matter related to financial reporting and legal obligations. The company has spent four years rectifying its financial reporting and addressing past legal requirements.
ST. LOUIS, Oct. 1, 2026 – DOOR (OTC: LTCH) announced today that the Securities and Exchange Commission (SEC) has approved the company's settlement, concluding the SEC's investigation. The investigation focused on past practices concerning the company's key performance indicators, revenue recognition, and related issues.
The settlement requires DOOR to pay a $1.0 million civil penalty in quarterly installments. The company consented to an administrative order without admitting or denying the SEC's findings. This agreement resolves the last of the major legacy matters that began in 2022.
The resolution marks the end of a four-year effort to address historical issues. Since late 2024, DOOR has filed seven years of financial statements, including restated prior periods, becoming current with its SEC reporting obligations in February 2026 for the first time since mid-2022. Additionally, the company has resolved four shareholder lawsuits, with the last one settled in principle in August 2026.
"When our team took over, we inherited a restatement, four major securities lawsuits, and an SEC investigation," said David Lillis, CEO of DOOR. "Resolving them took years of work and significant resources. With this final matter behind us, those resources go back to where they belong: helping owners and operators run smarter buildings. We're grateful to our customers, partners, and team for sticking with us."