New York, New York--(Newsfile Corp. - August 25, 2021) - Wolf Popper LLP reminds View, Inc. (NASDAQ: VIEW) f/k/a CF Finance Acquisition Corp. II (NASDAQ: CFII) investors that a federal securities class action lawsuit has been filed in the U.S. District Court for the Northern District of California against View and certain of View's officers. The deadline for View investors to seek appointment as the lead plaintiff in the lawsuit is October 18, 2021.
The securities class action is brought on behalf of investors that purchased or otherwise acquired View securities between November 30, 2020 and August 16, 2021, inclusive (the Class Period).
View is a technology company creating smart windows and connected buildings to improve people's health and wellness, while simultaneously reducing energy consumption.
In November 2020, CF Finance Acquisition Corp. II, a special purpose acquisition company, announced it had entered into a merger agreement with View. The merger was approved by a majority vote of the holders of CF Acquisition common shares. The merger closed on March 8, 2021 and CF Finance Acquisition Corp II changed its name to View, Inc. and its stock symbol to VIEW.
After the market closed on August 16, 2021, View announced it was unable to timely file its second quarter Form 10-Q with the U.S. Securities & Exchange Commission (SEC) because the "Audit Committee of View's Board of Directors recently began an independent investigation concerning the adequacy of the company's previously disclosed warranty accrual." View also announced that "[t]he Audit Committee has retained independent legal and accounting advisers to assist with the investigation. The investigation is ongoing, and the Audit Committee is working diligently with its counsel and advisors to complete the investigation as soon as possible. View cannot predict the duration of the investigation, eventual scope, its outcome, or its impact on the company's financial results or the company's assessment of its internal control over financial reporting for prior periods."
On this news, View's stock price fell $1.26 per share, or over 24%, from its August 16, 2021 closing price and closed at $3.92 per share on August 17, 2021.
The View securities class action alleges, among other things, that the defendants made false and misleading public statements and failed to disclose that: (1) View had not properly accrued warranty costs related to its product; (2) there was a material weakness in View's internal controls over accounting and financial reporting related to warranty accrual; (3) as a result, View's financial results for prior periods were misstated; and (4) as a result the defendants' positive statements about View's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased View securities during the Class Period to ask the court to be appointed as lead plaintiff in the View securities class action litigation. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit, and can select a law firm of its choice to litigate the class action lawsuit. A court will generally appoint as lead plaintiff the movant with the greatest financial interest in the relief sought by the proposed class of investors and that is also typical and adequate of the proposed class. An investor's ability to share in any potential future recovery obtained in the litigation is not dependent upon serving as lead plaintiff.
The deadline for View investors to file a motion for appointment as lead plaintiff is October 18, 2021.
If you wish to serve as lead plaintiff in the View securities class action litigation or have questions concerning your rights regarding the View securities class action litigations, please contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or jruthizer@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.
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Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Email: jruthizer@wolfpopper.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94358.
