View, Inc. (VIEW) Misrepresented its Previously Disclosed Warranty Accruals
A class action was filed on behalf of all persons and entities that purchased or otherwise acquired View, Inc. (NASDAQ: VIEW) securities between November 30, 2020 and August 16, 2021, for violations of the Securities Exchange Act of 1934. View is a technology company that 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.
According to the complaint, 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.