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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Interface, Inc.    TILE

INTERFACE, INC.

(TILE)
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Glancy Prongay & Murray LLP : Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Interface, Inc. (TILE)

11/19/2020 | 12:31pm EST

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 11, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Interface, Inc. (“Interface” or the “Company”) (NASDAQ: TILE) securities between March 2, 2018 and September 28, 2020 inclusive (the “Class Period”).

If you suffered a loss on your Interface investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/interface-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

Interface is a modular flooring company that designs, produces, and sells modular carpet products primarily in the Americas, Europe, and the Asia-Pacific.

On April 24, 2019, Interface revealed that in November 2017, it had received a request for information and documents from the U.S. Securities and Exchange Commission (“SEC”) “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 further disclosed that it had “received subpoenas from the SEC in February 2018, July 2018 and April 2019 requesting additional documents and information” and that Interface had conducted an internal investigation into these issues, at the SEC’s request.

On this news, Interface’s stock price fell $1.43 per share, or 8.37%, to close at $15.66 per share on April 25, 2019, thereby injuring investors.

On September 28, 2020, the SEC issued an enforcement order following its investigation into Interface's historical quarterly EPS calculations and rounding practices. The Company agreed to pay a $5 million fine to resolve the matter and was ordered to cease and desist from violating the federal securities laws. The SEC also disclosed that "Interface 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," and that they had altered certain documents after the SEC's investigation initiated.

On this news, the Company’s stock price fell $0.20 per share, or 3.13%, over the following two trading sessions to close at $6.18 per share on September 29, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Interface had inadequate disclosure controls and procedures and internal control over financial reporting; (2) consequently, Interface, inter alia, reported artificially inflated income and EPS in 2015 and 2016; (3) Interface and certain of its employees were under investigation by the SEC with respect to the foregoing issues since at least as early as November 2017, had impeded the SEC’s investigation, and downplayed the true scope of the Company’s wrongdoing and liability with respect to the SEC investigation; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Interface securities during the Class Period, you may move the Court no later than January 11, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


© Business Wire 2020
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Financials (USD)
Sales 2020 1 106 M - -
Net income 2020 -76,9 M - -
Net Debt 2020 - - -
P/E ratio 2020 -8,42x
Yield 2020 1,36%
Capitalization 647 M 647 M -
Capi. / Sales 2020 0,59x
Capi. / Sales 2021 0,57x
Nbr of Employees 4 110
Free-Float 98,0%
Chart INTERFACE, INC.
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Interface, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends INTERFACE, INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Average target price 9,00 $
Last Close Price 11,03 $
Spread / Highest target -18,4%
Spread / Average Target -18,4%
Spread / Lowest Target -18,4%
EPS Revisions
Managers and Directors
NameTitle
Daniel T. Hendrix Non-Executive Chairman, President & CEO
Bruce A. Hausmann Chief Financial Officer & Vice President
Christopher G. Kennedy Lead Independent Director
K. David Kohler Independent Director
John P. Burke Independent Director
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