NEW YORK, NY / ACCESSWIRE / January 25, 2023 / Kehoe Law Firm, P.C. is investigating whether certain directors and officers of CF Finance Acquisition Corp. II (“CF Finance II”) (NASDAQ:CFII), now known as View, Inc. (“View”) (NASDAQ:VIEW), breached their fiduciary duties to CF Finance’s shareholders.
The investigation concerns whether CF Finance II’s board of directors or executive officers breached their duties of disclosure, duties of candor, and requirements to act in good faith, and whether CF Finance II’s shareholders suffered damages as a result.
-On March 5, 2021, CF Finance II shareholders of record as of January 27, 2021 approved a merger between CF Finance II and View. In the months following the merger, negative information repeatedly emerged about the operations at View, including:
-On August 8, 2021, View announced that its Audit Committee had retained outside legal counsel and accounting advisors to investigate the company’s prior financial statements.
-On November 9, 2021, View announced that the Audit Committee’s investigation was “substantially complete” and had determined that “previously reported liabilities associated with all warranty-related obligations and the cost of revenue associated with the recognition of those liabilities were materially misstated,” requiring View to restate previously issued financial statements.
-In connection with these findings, View further disclosed that its Chief Financial Officer had resigned.
-On May 10, 2022, barely one year after the merger, View disclosed that it “anticipates that it will be disclosing substantial doubt about the Company’s ability to continue as a going concern, as the Company does not currently have adequate financial resources to fund its forecasted operating costs and meet its obligations for at least twelve months from the expected issuance date of its 2021 financial results.”
These developments contrast with statements CF Finance II made in support of the merger, and the View stock price has declined significantly since the merger.
VIEW STOCK INVESTORS WHO HELD CF FINANCE II SHARES ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. AND PROVIDE DETAILS OF THEIR VIEW/CF FINANCE II SECURITIES.
VIEW SHAREHOLDERS WHO HELD CF FINANCE II STOCK ARE ALSO ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE 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, P.C. 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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SOURCE: Kehoe Law Firm, P.C.
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