NEW YORK, NY / ACCESSWIRE / January 25, 2023 / Kehoe Law Firm, P.C. is investigating whether certain directors and officers of Fifth Wall Acquisition Corp. I ("Fifth Wall") (NASDAQ:FWAA), now known as SmartRent, Inc. ("SmartRent") (NYSE:SMRT), breached their fiduciary duties to Fifth Wall's shareholders.
The investigation concerns whether Fifth Wall's board of directors or executive officers breached their duties of disclosure, duties of candor, and requirements to act in good faith, and whether Fifth Wall's shareholders suffered damages as a result.
On August 23, 2021, Fifth Wall shareholders of record as of July 27, 2021 approved a merger between Fifth Wall and SmartRent.
On November 10, 2021, SmartRent announced its third quarter results and revised guidance downward for the remainder of 2021 from $119 million down to a range of $100 to $105 million. The company also reported negative quarterly adjusted EBITDA of $16.1 million and an overall quarterly loss from operations of $26 million.
On this news, the stock dropped below $10 per share, and the stock has declined significantly since the merger.
INVESTORS OF SMARTRENT STOCK WHO HELD FIFTH WALL SHARES ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. AND PROVIDE DETAILS OF THEIR SMARTRENT/FIFTH WALL SECURITIES.
SMARTRENT SHAREHOLDERS WHO HELD FIFTH WALL STOCK ARE ALSO ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm, P.C. have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
This press release may constitute attorney advertising.
SOURCE: Kehoe Law Firm, P.C.