Home / Business and Economy / View CFO Settles SEC Smart Window Fraud Case
View CFO Settles SEC Smart Window Fraud Case
27 Nov
Summary
- Former View CFO settled SEC lawsuit over understated window costs.
- Settlement reached in principle; requires SEC commissioner approval.
- Company later restated financials and filed for bankruptcy.
The former chief financial officer of View, Vidul Prakash, has reached an agreement in principle to settle a U.S. Securities and Exchange Commission lawsuit. The lawsuit accused him of negligently permitting View to understate the significant costs associated with replacing defective smart windows.
This proposed settlement requires final approval from SEC commissioners. It follows a previous judicial rejection of Prakash's arguments that the SEC could not prove his violation of federal securities laws. The SEC had alleged View understated window-related liabilities by $53 million in 2019 and 2020.
View, which went public in March 2021, later restated over two years of its financial statements and replaced Prakash as CFO. The Milpitas, California-based company subsequently filed for Chapter 11 bankruptcy in April 2024, agreeing to become a private entity.
