{"id":381210,"date":"2020-11-13T20:03:08","date_gmt":"2020-11-14T01:03:08","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=381210"},"modified":"2020-11-13T20:03:08","modified_gmt":"2020-11-14T01:03:08","slug":"interface-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-interface-inc-and-encourages-investors-to-contact-the-firm","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/interface-alert-bragar-eagel-squire-p-c-announces-that-a-class-action-lawsuit-has-been-filed-against-interface-inc-and-encourages-investors-to-contact-the-firm\/","title":{"rendered":"INTERFACE ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Interface, Inc. and Encourages Investors to Contact the Firm"},"content":{"rendered":"
\n

NEW YORK, Nov. 13, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Interface, Inc. (NASDAQ: TILE) securities between\u00a0March 2, 2018 and September 28, 2020 (the \u201cClass Period\u201d). Investors have until January 11, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.<\/p>\n

Click here<\/a> to participate in the action.<\/p>\n

On\u00a0April 24, 2019, Defendants filed a current report on Form 8-K with the SEC, disclosing,\u00a0inter alia<\/em>, that Interface \u201creceived a letter in\u00a0November 2017\u00a0from the [SEC] requesting that the Company voluntarily provide information and documents in connection with an investigation into the Company\u2019s historical quarterly [EPS] calculations and rounding practices during the period 2014-2017\u201d; that \u201c[t]he Company subsequently received subpoenas from the SEC in\u00a0February 2018,\u00a0July 2018\u00a0and\u00a0April 2019\u00a0requesting additional documents and information\u201d; and that \u201c[i]n the fourth quarter of 2018, the Company conducted at the SEC’s request an internal investigation into these and other related issues for seven quarters in 2015, 2016 and 2017.\u201d<\/p>\n

On this news, Interface\u2019s stock price fell\u00a0$1.43\u00a0per share, or 8.37%, to close at\u00a0$15.66\u00a0per share on\u00a0April 25, 2019.<\/p>\n

Then, on\u00a0September 28, 2020, the SEC announced the conclusion of its investigation into Interface’s historical quarterly EPS calculations and rounding practices. Interface agreed to pay a\u00a0$5 million\u00a0fine to resolve the matter and was ordered to cease and desist from violating the federal securities laws. In the SEC\u2019s enforcement order issued that same day, the SEC also disclosed how,\u00a0inter alia<\/em>, \u201cInterface employees caused Interface to produce documents in response to Commission investigative requests that were suggestive of contemporaneous support for journal entries that, in truth, did not exist at the time the entries were recorded,\u201d and had modified certain documents after the SEC\u2019s investigation began.<\/p>\n

On this news, Interface\u2019s stock price fell\u00a0$0.20\u00a0per share, or 3.13%, over the following two trading sessions to close at\u00a0$6.18\u00a0per share on\u00a0September 29, 2020.<\/p>\n

The complaint, filed on November 12, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company\u2019s business, operational and compliance policies. Specifically, defendants made false and\/or misleading statements and\/or failed to disclose that: (i) Interface had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) consequently, Interface,\u00a0inter alia<\/em>, reported artificially inflated income and earnings per share (\u201cEPS\u201d) in 2015 and 2016; (iii) Interface and certain of its employees were under investigation by the Securities and Exchange Commission (\u201cSEC\u201d) with respect to the foregoing issues since at least as early as\u00a0November 2017, had impeded the SEC\u2019s investigation, and downplayed the true scope of the Company\u2019s wrongdoing and liability with respect to the SEC investigation; and (iv) as a result, the Company\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n

If you purchased Interface securities during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com<\/u><\/a>, telephone at (212) 355-4648, or by filling out this contact form.<\/u><\/a> There is no cost or obligation to you.<\/p>\n

\n About <\/strong>
\n Bragar<\/strong>
\n Eagel<\/strong>
\n & Squire, P.C.:<\/strong>
\n
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com<\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n

\n Contact Information:<\/strong>
\n
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com<\/a>
www.bespc.com<\/a><\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Nov. 13, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Interface, Inc. (NASDAQ: TILE) securities between\u00a0March 2, 2018 and September 28, 2020 (the \u201cClass Period\u201d). Investors have until January 11, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Click here to participate in the action. On\u00a0April 24, 2019, Defendants filed a current report on Form 8-K with the SEC, disclosing,\u00a0inter alia, that Interface \u201creceived a letter in\u00a0November 2017\u00a0from the [SEC] requesting that the Company voluntarily … <\/p>\n

Continue reading “INTERFACE ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Interface, Inc. and Encourages Investors to Contact the Firm”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-381210","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nINTERFACE ALERT: Bragar Eagel & Squire, P.C. 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