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TILE.US
id: 745

Interface Inc. (TILE) $7.5M Shareholder Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
E.D. New York
Court
1:20-cv-05518-BMC-RER
Case number
12 May 2016
Class period Start
28 Sept 2020
Class period End
13 Sept 2023
Claim deadline
Interface 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:
  1. Interface had inadequate disclosure controls and procedures and internal control over financial reporting;
  2. Interface, inter alia, reported artificially inflated income and earnings per share in 2015 and 2016;
  3. 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
  4. as a result, the Company's public statements were materially false and misleading at all relevant times.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Filing date
12 November 2020
Plaintiffs
Steamfitters Local 449 Pension Fund
Attorneys
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
Trades matching type
FIFO
+$7,500,000
Cash Settlement Amount