Philadelphia, Pennsylvania--(Newsfile Corp. - May 12, 2023) - A securities fraud class action complaint filed against Interface, Inc. (NASDAQ: TILE) has reached an agreed settlement.
The underlying securities fraud class action complaint alleges that Interface, Inc., through certain of its officers and directors, made materially false and misleading statements regarding the Company's business, operations and compliance policies, including that: (i) Interface had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) consequently, Interface reported artificially inflated income and earnings per share in 2015 and 2016; (iii) Interface and certain of its employees were under investigation by the Securities and Exchange Commission with respect to the foregoing issues since at least as early as November 2017, had impeded the SEC's investigation, and downplayed the true scope of the Company's wrongdoing and liability with respect to the SEC investigation; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
Current Interface shareholders who have held shares of Interface stock since at least May 12, 2016, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award.
If you would like to learn more at no cost to you, you are encouraged to visit https://grabarlaw.com/the-latest/interface-inc-shareholder-investigation/, contact us at jgrabar@grabarlaw.com or call Joshua Grabar at 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
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