StoneTurn assisted counsel at Morrison Foerster (MoFo) with securing a full dismissal of a suit brought by the U.S. Securities and Exchange Commission (SEC) against the former CFO of View, Inc. (View), Vidul Prakash. The dismissal represents a complete vindication of Mr. Prakash who the SEC alleged negligently caused View to materially understate its warranty liability after defects were discovered on certain window products.
In July 2023, the SEC filed a settled administrative proceeding against View and a contested action against Mr. Prakash, alleging that he was responsible for View’s accounting violations. MoFo retained StoneTurn to assist in their defense of Mr. Prakash and designated StoneTurn Partner Howard Scheck to serve as the testifying expert in the matter. Mr. Scheck was supported by StoneTurn’s forensic accounting team, including Managing Director Amanda Stephens and Manager Kaitlyn Hartman. StoneTurn performed a detailed review and analysis of relevant accounting literature, the company’s accounting policies and financial records, audit work papers, and witness testimony. Mr. Scheck submitted expert reports on the accounting and disclosure issues and was deposed in the matter. Mr. Scheck asserted that View’s accounting treatment for the warranty liability prior to restating was appropriate under GAAP.
The Joint Stipulation for Voluntary Dismissal and Releases states that the “SEC, in its discretion and based on the facts and circumstances of this case and its ongoing review of the evidence, including evidence developed in discovery, has agreed to voluntarily dismiss, with prejudice, all claims against Prakash.”
StoneTurn’s Forensic Accounting team brings together a former SEC Chief Accountant, former Big Four Partners, and experienced testifying experts with deep knowledge of financial reporting standards, disclosure requirements, and regulatory enforcement trends. The firm regularly assists outside counsel representing companies and individuals facing SEC investigations and enforcement proceedings, internal investigations, and securities litigation.
Meet Howard
Howard Scheck
Howard Scheck is a StoneTurn Partner with three decades of experience advising clients concerning complex financial reporting matters. Howard is a former SEC Chief Enforcement Accountant with extensive experience applying […]
Meet Amanda
Amanda Stephens
Amanda Stephens, a Managing Director with StoneTurn, brings over seven years of experience in litigation and consulting services in the context of fraud investigations and business disputes. Amanda specializes in […]
Meet Kaitlyn
Kaitlyn Hartman
Kaitlyn Hartman, a Manager with StoneTurn, has more than five years of experience in forensic accounting investigations, litigation advisory, and auditing. Kaitlyn has worked with clients involved in a range […]