SAN DIEGO, Sept. 30, 2020 (GLOBE NEWSWIRE) --
Johnson Fistel, LLP, is investigating potential claims against Interface, Inc. (NASDAQ: TILE) ("Interface ") for violating federal securities laws.
On April 24, 2019, Interface announced it received a letter in November 2017 from the Securities & Exchange Commission (the "SEC") requesting that the Company voluntarily provide information and documents in connection with an investigation into the Company's historical quarterly earnings per share ("EPS") calculations and rounding practices during the period 2014-2017. The Company also reported it received subpoenas from the SEC in February 2018, July 2018, and April 2019 requesting additional documents and information. In 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. The Company also announced that its Vice President and Chief Accounting Officer was placed on paid administrative leave from the Company after it was learned that in 2018, in the process of collecting materials from 2015, 2016, and 2017 for production to the SEC, he added certain notes to those materials that were then produced to the SEC.
On September 28, 2020, Interface filed a Current Report with the SEC on Form 8-K disclosing that it had "consented to the entry of the September 28 Order "by the SEC, "which states, among other things, that the Company was negligent in making certain accounting entries in 2015 and 2016," that "[a]s part of the settlement, . . . . [t]he Company will pay a $5 million fine to resolve the matter and is ordered to cease-and-desist from violating certain federal securities laws," and that the September 28 Order was "based on conduct by former employees who no longer work for the Company."
If you have information that could assist in this investigation, or if you are an Interface shareholder interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP, is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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TILE Alert: Johnson Fistel Launches Investigation into Interface, Inc.; Investors Suffering Losses Encouraged to Contact Firm - GlobeNewswire
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