|Company Name||Interface, Inc.|
Interface is a global flooring company specializing in carpet tile and resilient flooring.
On April 24, 2019, Interface disclosed that, in November 2017, the U.S. Securities and Exchange Commission (“SEC”) had information regarding the Company’s quarterly earnings per share (“EPS”) calculations and rounding practices during the period 2014-2017. The same day, Interface also announced that its Chief Accounting Officer was placed on administrative leave.
On September 28, 2020, the SEC announced that Interface and two of its former executives had been charged with accounting and disclosure violations. According to the SEC’s press release, “in multiple quarters in 2015 and 2016, the company made unsupported, manual accounting adjustments that were not compliant with GAAP.”
On this news, the Company’s share price fell sharply during intraday trading on September 29, 2020.
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