Defendant Name:
View, Inc.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
92671V10
Document Reference:
33-11208
Document Details
Legal Case Name
In the Matter of View, Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
03-Jul-2023
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On July 3, 2023, the SEC instituted settled cease-and-desist proceedings against View, Inc., stating: "In a series of periodic reports, proxy statements, and registration statements filed with the Commission from December 2020 to May 2021, View accrued and disclosed an estimated warranty liability of $22 million to $25 million, consisting largely of projected costs to manufacture replacements for windows with a particular defect. However, View had also decided to pay to ship and install the replacement windows (the “Installation Costs”). Including those expenses, it was probable and reasonably estimable that View would spend approximately $48 million to $53 million total to repair its windows. Therefore, under generally accepted accounting principles in the United States (“US GAAP”), View should have recognized and disclosed a warranty liability of approximately $48 million to $53 million, rather than the approximately $22 million to $25 million that it recognized and disclosed. As a result, View materially misstated its warranty liability for fiscal years 2019 and 2020 and the first quarter of 2021. Throughout this time, View had insufficient internal accounting and disclosure controls. View also failed to maintain books and records that accurately reflected the liabilities."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC