US SEC charges window maker View, Ex-CFO over accounting fraud
The U.S. Securities and Exchange Commission (SEC) filed charges against View Inc (VIEW.O), a manufacturer of "smart" windows that adjust their tint based on sunlight, as well as its former chief financial officer. The charges stem from allegations of understating the costs associated with replacing faulty windows, which ultimately led to a restatement of financial statements.
Despite the allegations, View Inc will not be subjected to a fine since the company promptly reported the error, took corrective measures, and fully cooperated with the SEC. Based in Milpitas, California, View Inc neither admitted nor denied any wrongdoing in relation to the charges.
The former CFO, Vidul Prakash, aged 55, now faces charges in a federal court in San Francisco. The charges against Prakash include fraud based on negligence, violations related to disclosure, and discrepancies in books and records. These charges are attributed to the period between December 2020 and May 2021.
Source: Reuters