Governance & Derivative
Interface, Inc. (NasdaqGS: TILE)
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Interface, Inc. (NasdaqGS: TILE).
On September 28, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced the results of its investigation into the Company’s historical EPS calculations and rounding practices, including findings of inappropriate earnings management by, or at the direction of, the Company’s two most senior accounting executives, as well as violations of the federal securities laws. The SEC Order also found 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 had continued to modify documents even after the SEC began its investigation, resulting in a $5 million fine being levied against the Company, among other measures.
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss, allowing the case to move forward.
KSF’s investigation is focusing on whether Interface’s officers and/or directors breached their fiduciary duties to the Company’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Interface shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or fill out the form on this page.