Kaskela Law LLC is investigating Interface, Inc. (“Interface” or the “Company”) (NASDAQ: TILE) on behalf of the Company’s long-term investors.
Interface is a global flooring company specializing in carpet tile and resilient flooring, including luxury vinyl tile (“LVT”), vinyl sheet, and rubber flooring.
Recently a securities fraud complaint was filed against Interface on behalf of certain investors who purchased shares of the Company’s stock between May 12, 2016 and September 28, 2020. According to the complaint, during that time period, Interface made a series of false and misleading statements to investors concerning, among other things, the Company’s (i) operational and financial results and (ii) internal controls over financial reporting.
On April 24, 2019, Interface disclosed that it had “received a letter in November 2017 from the [SEC] requesting that the Company voluntarily provide information and documents in connection with an investigation into the Company’s historical quarterly [EPS] calculations and rounding practices during the period 2014-2017. The Company subsequently received subpoenas from the SEC in February 2018, July 2018 and April 2019 requesting additional documents and information.” Following this news, shares of Interface’s common stock fell $1.43 per share, or over 8% in value, to close on August 25, 2019 at $15.66 per share.
On September 28, 2020, the SEC issued an Order in which it found that Interface and two of the Company’s former executives had violated the federal securities laws. In connection therewith, Interface agreed to pay a $5 million civil penalty to the SEC.
The investigation seeks to determine whether the members of Interface’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Interface stockholders who purchased or acquired TILE shares prior to January 1, 2016 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, to receive additional information about this investigation and their legal rights and options.