Shareholder rights law firm Robbins LLP is investigating View, Inc. (NASDAQ: VIEW) to determine whether certain View officers and directors violated securities laws and breached their fiduciary duties to the Company. View manufactures smart building products that are purportedly designed to improve people's health, productivity, and experience while reducing energy consumption. Its primary product is a proprietary electrochromic glass panel that intelligently adjusts in response to the sun by tinting from clear to dark states, reducing heat and glare.
For more information about View, Inc.'s misconduct, click here.
View, Inc. (VIEW) May Have Misrepresented its Previously Disclosed Warranty Accruals
On November 30, 2020, CF Finance Acquisition Corp. II and View announced they had entered into a definitive merger agreement. On March 8, 2021, CF Finance Acquisition Corp. II and View combined via a business combination with View as the surviving public entity.
According to a class action complaint filed on behalf of purchasers of View, between November 30, 2020 and August 16, 2021, View stated that it had recorded a one-time warranty accrual of $24.5 million during the nine months ended September 30, 2019. On August 16, 2021, View announced it "began an independent investigation concerning the adequacy of the company's previously disclosed warranty accrual." On this news, the Company's share price fell $1.26, or over 24%, to close at $3.92 per share on August 17, 2021.
It appears that View had not properly accrued warranty costs related to its product and that there was a material weakness in View’s internal controls over accounting and financial reporting related to warranty accrual. As a result, View misstated its financial results.
View, Inc. (VIEW) shareholders have legal options. If you own shares of View, Inc. contact us for more information. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against View, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.