Defendant Name: Interface, Inc.

Defendant Type: Public Company

Document Reference: 2020-226_3-20085

Document Details

Legal Case Name In the Matter of Interface, Inc., Gregory J. Bauer, CPA, and Patrick C. Lynch, CPA
Document Name SEC Charges Companies, Former Executives as Part of Risk-Based Initiative
Document Date 28-Sep-2020
Document Format Administrative Proceeding
File Number 3-20085
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC stated: "The SEC's order against Interface Inc., a Georgia-based modular carpet manufacturer, finds that in multiple quarters in 2015 and 2016, the company made unsupported, manual accounting adjustments that were not compliant with GAAP. These adjustments were often made when Interface's internal forecasts indicated that the company would likely fall short of analyst consensus EPS estimates. The order finds that the adjustments boosted the company's income, making it possible for Interface to consistently report earnings that met or exceeded consensus estimates."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Civil Penalty

Individual:     $5,000,000.00 Shared:    

Related Documents:

33-10854 28-Sep-2020 Administrative Proceeding
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
The SEC stated: "From the second quarter of 2015 through the second quarter of 2016, Interface, a global designer and manufacturer of modular carpet, reported earnings per share ("EPS") that did not accurately reflect the company's underlying performance."

Other Defendants in Action:

Gregory J. Bauer, CPA
Patrick C. Lynch, CPA