SAN FRANCISCO, November 13, 2020 / PRNewswire / – Hagens Berman urges Interface, Inc. (NASDAQ: TILE) investors with significant losses to file their losses now. A class action lawsuit for securities fraud has been filed and certain investors may have valuable claims.
Class time: March 2, 2018 – September 28, 2020
Lead plaintiff deadline: January 11, 2021
Contact an attorney now: (Email protected)
Class Action Lawsuit Against Interface, Inc. (TILE) Securities:
The lawsuit is focused on the disclosure of Interface's financial results, including the accounting for certain expenses such as provisions for management bonuses, independent consultant fees and stock-based payments.
According to the complaint, Interface and management repeatedly delighted investors when they reported earnings and earnings per share growth that consistently met or exceeded analyst estimates and assured them that the company's internal controls over financial reporting were effective.
Investors began to learn the truth on, according to the complaint April 24, 2019 When Interface announced that the SEC had served the company three separate subpoenas to review its 2014-2017 earnings per share calculations. The company also announced that it had hired its chief accounting officer Gregory Bauer on administrative leave, when Bauer learned, he added notes on materials filed with the SEC. However, the company and senior management claimed they had collaborated with the SEC investigation since its inception.
Then further September 28, 2020The SEC filed a settlement lawsuit against the company for violations of the Securities Act, finding that (1) Interface made unsupported manual accounting adjustments to certain expenses in the second quarter of 2015 through the second quarter of 2016 in order to meet EPS estimates . (2) Bauer and former CFO ((Patrick Lynch) directed the unsupported entries and (3) interface obstructed the SEC investigation.
This information has significantly lowered the price of Interface shares.
"We are focusing on investor losses and proving that Interface and senior management deliberately misled investors through illegal profit smoothing," he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are an Interface investor and are experiencing significant losses or have knowledge that may aid the company's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Interface should review their options to help with the investigation or to use the SEC's whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Call for more information Reed Kathrein at 844-916-0895 or by email (Email protected).
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty attorneys. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. More information about the company and its achievements can be found at hbsslaw.com. For the latest news, visit our newsroom or follow us on Twitter @classactionlaw.
SOURCE Hagens Berman Sobol Shapiro LLP