Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Interface, Inc. and Encourages Investors to Contact the Firm
NEW YORK, Jan. 8, 2021 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of Investors who purchased Interface, Inc. (NASDAQ: TILE) securities between March 2, 2018 and September 28, 2020 (the “Class Period”). Investors have until January 11, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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On April 24, 2019, the defendants filed a current report with the SEC on Form 8-K, in which they announced, among other things, that Interface had received a letter from the SEC in November 2017 [SEC] Asking the company to voluntarily provide information and documents related to an investigation into the company’s historic quarter [EPS] Calculations and Rounding Practices 2014-2017 ”; The “[t]The company then received subpoenas from the SEC in February 2018, July 2018, and April 2019 requesting additional documents and information. ” and the “[i]In the fourth quarter of 2018, at the request of the SEC, the company conducted an internal investigation into these and other related issues for seven quarters in 2015, 2016 and 2017. “
In the news, Interface stock price fell $ 1.43 per share, or 8.37%, to close at $ 15.66 per share on April 25, 2019.
Then, on September 28, 2020, the SEC announced the completion of its investigation into Interface’s historic quarterly EPS calculations and rounding practices. Interface agreed to pay a $ 5 million fine to resolve the matter and was instructed to cease and refrain from violating federal securities laws. In the SEC’s Enforcement Order issued on the same day, the SEC also announced how, among other things, “Interface employees have caused Interface to prepare documents in response to inquiries from the Commission that indicate concurrent support for journal entries that in fact did not exist at the time the entries were recorded, “and had changed certain documents after the SEC investigation began.
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In the news, Interface stock price fell $ 0.20 per share, or 3.13%, in the following two trading sessions, closing at $ 6.18 per share on September 29, 2020.
The complaint, filed on November 12, 2020, alleges that throughout the class period, defendants made materially false and misleading statements about the company’s business, operational and compliance policies. In particular, Defendants made false and / or misleading statements and / or failed to disclose that: (i) the interface had inadequate disclosure controls and procedures and internal controls over financial reporting; (ii) As a result, Interface reported artificially inflated earnings per share (“EPS”) in 2015 and 2016. (iii) Interface and some of its employees have been investigated by the Securities and Exchange Commission (“SEC”) in relation to the above issues because they had obstructed the SEC’s investigation and downplayed the actual scope of the wrongdoing as early as November 2017 at least and the company’s liability in relation to the SEC investigation; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
If you have purchased Interface securities during the class period and suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.