GRABAR LAW OFFICE INVESTIGATES POTENTIAL SHAREHOLDER CLAIMS FOR THE BENEFIT OF INTERFACE, INC. (NASDAQ: TILE)
A securities class action filed against Interface, Inc. has survived a motion to dismiss. Current Interface shareholders who have held shares of Interface stock since at least March 12, 2016, can seek corporate reforms, the return of funds back to company, and a court approved incentive award if appropriate.
The underlying securities class action alleged violations of the federal securities via misrepresentations and omissions that caused Interface shareholders to purchase their stock at artificially inflated prices and suffer damages therefrom.
Specifically, the class action focuses on Defendants’ continued misrepresentations about Interface’s Earnings Per Share (“EPS”) and its internal and disclosure controls. As alleged, Defendants repeatedly misrepresented Interface’s EPS to investors, as well as the accuracy of its financial results and the strength of its internal controls and disclosure controls.
Misrepresentations to the Company’s EPS were intended to ensure that the Company met or exceeded analysts’ consensus estimates and were also done, in part, because Interface’s Omnibus Stock Incentive Plan had been amended at the time to be tied to certain performance objectives, including EPS and the Company’s stock price.
Unlike a class action, brought on behalf of damaged investors, a shareholder derivative action is an action brought by a shareholder of a public company on behalf of and for the benefit of the company itself against the directors and/or officers of that company. In a derivative action, shareholders “step into the shoes” of the directors and officers of a company and bring litigation that the board would be unwilling to pursue on its own.
If you have continuously held Interface, Inc. shares since at least March 16, 2016 and would like to learn more about this matter at no cost to you, please fill out the form provided or contact us at firstname.lastname@example.org or call 267-507-6085.