GlobeNewswire Inc | Oct 19, 2020 07:18PM EDT

October 19, 2020

SAN FRANCISCO, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges Interface, Inc. (NASDAQ TILE) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.

RelevantPeriod: Nov. 12, 2015 - Sept. 29, 2020 Visitwww.hbsslaw.com/investor-fraud/TILEContact An Attorney NowTILE@hbsslaw.com 844-916-0895

Interface, Inc. (TILE) Investigation:

The investigation centers on the propriety of Interfaces financial reporting, including its accounting for certain expenses such as management bonus accruals, independent consultant fees and stock based compensation.

From the 2Q 2015 2Q 2016, Interface pleased investors when it reported income and earnings per share growth, consistently meeting or exceeding analysts estimates. The Company attributed the increased margins to its lean manufacturing initiatives, higher manufacturing volume, improved selling prices, and lower raw material costs and usage.

But on Apr. 24, 2019, Interface announced that that the SEC had served three separate subpoenas on the Company probing its earnings per share calculations from 2014 2017. The Company also announced that it had placed its Chief Accounting Officer Gregory Bauer on administrative leave when it learned Bauer added notes to materials produced to the SEC.

Then, on Sept. 28, 2020, the SEC filed a settled action against the Company for violations that resulted in the improper reporting of quarterly EPS. Specifically, the SEC order found that during Q2 2015 through Q2 2016 Interface made unsupported manual accounting adjustments to certain expenses to meet EPS estimates. The SEC also found that Bauer, and former Chief Financial Officer (Patrick Lynch) directed the unsupported entries.

These disclosures drove the price of Interface shares down sharply.

Were focused on investors losses and determining whether Interface engaged in illegal earnings smoothing, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are an Interface investor and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Interface should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email TILE@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

ContactReed Kathrein, 844-916-0895