San Francisco, California--(Newsfile Corp. - September 22, 2021) - Hagens Berman urges View, Inc. (NASDAQ: VIEW) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
View, Inc. (VIEW) Securities Fraud Class Action:
The complaint alleges View manipulated its financial results leading up to and after going public through a SPAC merger in early March 2021.
Specifically, throughout the class period, Defendants mispresented and concealed: (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; (3) that, as a result, the Company's financial results for prior periods were misstated; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The truth emerged on Aug. 16, 2021, when the Company announced its audit committee began an independent investigation concerning the adequacy of the Company's previously disclosed warranty accrual. In light of the audit committee's ongoing investigation, which involves independent counsel and advisors, the Company disclosed that it would not be timely filing its quarterly financial statements.
On this news, the Company's share price fell $1.26, or over 24%, to close at $3.92 per share on Aug. 17, 2021, on unusually heavy trading volume.
"We're focused on investors' losses and proving View intentionally understated the Company's warranty accrual to improve the Company's balance sheet and understate losses," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in View and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding View should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email VIEW@hbsslaw.com.
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