TILE.US
id: 745, Created by Stan Vick Chase, Scout
Interface Inc. (TILE) $7.5M Shareholder Settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim deadline for this case already passed by, but we can still try and file for compensation for you
Claim payout
E.D. New York
Court1:20-cv-05518-BMC-RER
Case number12 May 2016
Class period Start28 Sept 2020
Class period End13 Sept 2023
Claim deadlineInterface Inc. (TILE) agreed to settle a $7.5M shareholder deal to end claims the company improperly calculated its earnings per share, hurting shareholders after the SEC fined the company $5 million over the inaccurate accounting.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that:
- Interface had inadequate disclosure controls and procedures and internal control over financial reporting;
- Interface, inter alia, reported artificially inflated income and earnings per share in 2015 and 2016;
- 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
- as a result, the Company's public statements were materially false and misleading at all relevant times.
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
12 November 2020
Lead plaintiff
Steamfitters Local 449 Pension Fund
Attorney
Robbins Geller Rudman & Dowd LLP (Melville, NY)
Defendants
Daniel T. Hendrix, Jay D. Gould, Bruce A. Hausmann, and Patrick C. Lynch
Judge
Hon. Allyne R. Ross
Administrator
Gilardi & Co LLC
Court hearing date
18 September 2023
Exclusion deadline
28 August 2023
Objection deadline
28 August 2023
Hearing deadline
28 August 2023
+$7,500,000
Total Settlement AmountCase history
Stan Vick
07 September 2023
$TILE $9.5M Settlement:
- Interface pays $7.5M to shareholders over the claims of improperly calculating its earnings per share for which it got fined by the SEC.
- $TILE payout claim deadline: September 13, 2023!