View, Inc. (VIEW) 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.
Throughout the relevant period, 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.
Accordingly, defendants failed to disclose to investors: (1) that View had not properly accrued warranty costs related to its product; (2) that there was a material weakness in View’s internal controls over accounting and financial reporting related to warranty accrual; and (3) that, as a result, the Company’s financial results for prior periods were misstated.
If you purchased shares of View, Inc. (VIEW) securities between November 30, 2020 and August 16, 2021, you have until October 18, 2021, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
