INVESTIGATION ALERT: Scott+Scott Attorneys at Law LLP Investigates CF Finance Acquisition Corp. II's Dire
Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of CF Finance Acquisition Corp. II ("CF II") CFII; n/k/a View, Inc. ("View") VIEW breached their fiduciary duties to CF II's shareholders. If you were a CF II shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or firstname.lastname@example.org.
On March 5, 2021, CF II shareholders of record as of January 27, 2021, approved a merger between CF II and View. In the months following the merger, negative information repeatedly emerged about View, including:
- On August 8, 2021, View announced that its Audit Committee 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 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."
- As of January 24, 2023, the stock has declined by over 90% since the merger and currently trades for less than $1.00 per share.
Accordingly, Scott+Scott is investigating whether CF II's board of directors or executive officers breached their fiduciary duties of loyalty and good faith, and whether CF II's shareholders suffered damages as a result such misconduct. Among other things, Scott+Scott's is specifically investigating the truth of disclosures made to stockholders in connection with the merger of CFII and View, including accounting statements provided to stockholders, descriptions of View's cash positions, and representations regarding View's ability to become cash flow positive and finance its operations following the merger.
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