LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of SmartRent, Inc. (“SmartRent” or the “Company”) (NYSE: SMRT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On September 8, 2023, Bleeker Street Research published a report alleging, among other things, that the "smart" locks that SmartRent distributes "to large multi-family properties" are sourced from "a Croatian supplier that had a known security vulnerability" and stated that several employees described the company as a “mess” with a “broken culture.”
On this news, SmartRent’s stock price fell $0.27, or 8.8%, to close at $2.80 per share on September 11, 2023, thereby injuring investors.
Then, on March 5, 2024, SmartRent released its fourth quarter and full year 2023 financial results and disclosed that it was still “working through” lingering overhang from older contracts.
On this news, SmartRent’s stock price fell $0.13, or 4.5%, to close at $2.76 per share on March 5, 2024, thereby injuring investors further.
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If you purchased SmartRent securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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