GlobeNewswire Inc | Nov 20, 2020 04:41PM EST

November 20, 2020

NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Interface, Inc. (Interface or the Company) (Nasdaq: TILE) securities during the period from March 2, 2018throughSeptember 28, 2020, both dates inclusive (the Class Period). Investors have until January 11, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The complaint 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, 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.

OnApril 24, 2019, Defendants filed a current report on Form 8-K with the SEC, disclosing 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 SECs 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 Interfaces 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.

If you acquired Interface securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney is a New York-based plaintiffs law firm concentrating in securities, antitrust, and whistleblower litigation. The firms efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerneys website: www.kmllp.com.

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

Contacts

Kirby McInerney LLPThomas W. Elrod, Esq., (212) 371-6600investigations@kmllp.comwww.kmllp.com