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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Class Action Lawsuit Filed On Behalf Of View, Inc. Investors - Investors With Losses Greater ...

August 18, 2021 GMT

PHILADELPHIA, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. continues its securities class action investigation to determine whether View, Inc. (“View” or the “Company”) ( NASDAQ: VIEW ) violated federal securities laws.

View investors should be aware that on August 18, 2021, a class action lawsuit was filed in United States District Court, Northern District of California, on behalf of View investors who purchased, or otherwise acquired, View securities between November 30, 2020 and August 16, 2021, both dates inclusive (the “Class Period”), and suffered financial losses.

Throughout the Class Period, according to the class action complaint, the View Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.

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The View Defendants, according to the complaint, failed to disclose to investors (1) that 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, the Company’s financial results for prior periods were misstated; and (4) as a result of the foregoing, the View Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

View announced in a press release, dated August 16, 2021, that “it will postpone the release of its financial results for the second quarter of 2021.” View stated that “[t]he Audit Committee of View’s Board of Directors recently began an independent investigation concerning the adequacy of the company’s previously disclosed warranty accrual.”

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In an August 16, 2021 10-Q SEC filing, View stated that “[t]he Company 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. As a result, the Company has not finalized its financial statements or its assessment of the effectiveness of its disclosure controls and procedures and internal control over financial reporting for the three and six months ended June 30, 2021. The Company expects that it will finalize its financial statements and file the related Second Quarter 10-Q as soon as practicable after the conclusion of the investigation.”

On this news, shares of View dropped significantly, closing down almost 25%, thereby injuring investors.

INVESTORS WHO PURCHASED VIEW SECURITIES AND SUFFERED FINANCIAL LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT KEVIN CAULEY, DIRECTOR, CLIENT RELATIONS, (215) 792-6676, EXT. 802, KCAULEY@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.

Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct.  Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.   

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