GlobeNewswire Inc | Nov 13, 2020 08:00PM EST

November 14, 2020

NEW YORK, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Interface, Inc. (NASDAQ: TILE) securities betweenMarch 2, 2018 and September 28, 2020 (the Class Period). Investors have until January 11, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

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OnApril 24, 2019, Defendants filed a current report on Form 8-K with the SEC, disclosing,inter alia, that Interface received a letter inNovember 2017from the [SEC] requesting that the Company voluntarily provide information and documents in connection with an investigation into the Companys historical quarterly [EPS] calculations and rounding practices during the period 2014-2017; that [t]he Company subsequently received subpoenas from the SEC inFebruary 2018,July 2018andApril 2019requesting additional documents and information; and that [i]n 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.

On this news, Interfaces stock price fell$1.43per share, or 8.37%, to close at$15.66per share onApril 25, 2019.

Then, onSeptember 28, 2020, the SEC announced the conclusion of its investigation into Interface's historical quarterly EPS calculations and rounding practices. Interface agreed to pay a$5 millionfine to resolve the matter and was ordered to cease and desist from violating the federal securities laws. In the SECs enforcement order issued that same day, the SEC also disclosed how,inter alia, 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 modified certain documents after the SECs investigation began.

On this news, Interfaces stock price fell$0.20per share, or 3.13%, over the following two trading sessions to close at$6.18per share onSeptember 29, 2020.

The complaint, filed on November 12, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Interface had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) consequently, Interface,inter alia, reported artificially inflated income and earnings per share (EPS) in 2015 and 2016; (iii) Interface and certain of its employees were under investigation by the Securities and Exchange Commission (SEC) with respect to the foregoing issues since at least as early asNovember 2017, had impeded the SECs investigation, and downplayed the true scope of the Companys wrongdoing and liability with respect to the SEC investigation; and (iv) as a result, the Companys public statements were materially false and misleading at all relevant times.

If you purchased Interface securities during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About BragarEagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:Bragar Eagel & Squire, P.C.Brandon Walker, Esq.Melissa Fortunato, Esq.Marion Passmore, Esq.(212) 355-4648investigations@bespc.comwww.bespc.com