Interface Securities Settlement
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FREQUENTLY ASKED QUESTIONS


  1. Why did I get a Notice package?
  2. What is this case about?
  3. How do I know if I am a Member of the Settlement Class?
  4. Do I qualify to submit a claim? Do I qualify for payment? Is my specific security/CUSIP/purchase eligible?
  5. Can I submit my Proof of Claim form via email?
  6. What does the Settlement provide?
  7. How much will I get? Is this worth my time?
  8. Do I have a lawyer in this Settlement?
  9. When and where will the Court decide whether to approve the proposed Settlement?
  10. Do I have to attend the hearing?
  11. May I speak at the hearing?
  12. How do I get my stock records? You must have my records since you contacted me.
  13. I have multiple accounts. Do I need to submit multiple Proof of Claim forms?
  14. How do I submit a claim on behalf of a deceased beneficial purchaser/owner or their estate?
  15. What should I provide as documentation to support my transactions?
  16. Can I send a late claim?
  17. How long does it take to process my claim? When would I get my payment?
  18. What happens if I do nothing?

 



  1. Why did I get a Notice package?

    The Notice was provided pursuant to an Order of a U.S. District Court because you or someone in your family or an investment account for which you serve as custodian may have purchased or acquired Interface, Inc. (“Interface”) common stock during the period between May 12, 2016 and September 28, 2020, inclusive (the “Class Period”).

    The Notice explains the class action lawsuit, the Settlement, Settlement Class Members’ legal rights in connection with the Settlement, what benefits are available, who is eligible for them, and how to get them.

    The Court in charge of the Litigation is the United States District Court for the Eastern District of New York, and the case is known as Swanson v. Interface, Inc., et al., Civil Action No. 1:20-cv-05518-BMC-RER. The case has been assigned to the Honorable Brian M. Cogan. The institution representing the Settlement Class is the Lead Plaintiff, and the company and individuals it sued and who have now settled are called the Defendants.

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  2. What is this case about?

    A brief background of this case is provided on page 3 of the Notice, and is also summarized on this website. We do not have any more information regarding the background of this case beyond what is provided in the Notice and posted case documents.

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  3. How do I know if I am a Member of the Settlement Class?

    The Court directed that everyone who fits this description is a Settlement Class Member: all Persons who purchased or acquired Interface common stock between May 12, 2016 and September 28, 2020, inclusive, except those Persons and entities that are excluded.

    Excluded from the Settlement Class are: (i) the Defendants; (ii) the Class Period officers and directors of Interface; (iii) the Immediate Family Members of the Individual Defendants; and (iv) the legal representatives, heirs, successors-in-interest, or assigns of any such excluded Person and any entity in which such excluded Persons have or had a controlling interest. Also excluded from the Settlement Class is any Person who would otherwise be a Member of the Settlement Class but who validly and timely requests exclusion by submitting a request for exclusion in accordance with the requirements set forth in question 11 in the Notice.

    Please Note: Receipt of the Notice does not mean that you are a Settlement Class Member or that you will be entitled to receive a payment from the Settlement. If you are a Settlement Class Member and you wish to be eligible to participate in the distribution of proceeds from the Settlement, you are required to submit the Proof of Claim that is being distributed with the Notice and the required supporting documentation as set forth therein postmarked or submitted online on or before September 13, 2023.

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  4. Do I qualify to submit a claim? Do I qualify for payment? Is my specific security/CUSIP/purchase eligible?

    We are unable to advise regarding claim eligibility prior to receiving and processing a Proof of Claim submission. We cannot be more specific than the information which has been included in the Notice and cannot interpret how the Notice or Plan of Allocation may apply to a specific claim prior to processing.

    Please read the Notice and Settlement Class definition carefully and decide whether or not you wish to submit a Proof of Claim. If you are still not certain of eligibility and want for us to determine eligibility, you will need to submit a Proof of Claim form along with supporting documentation for your transactions.

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  5. Can I submit my Proof of Claim form via email?

    Email is not an acceptable submission method and claims submitted via email will not be reviewed for eligibility. As indicated in the general instructions for the Proof of Claim form ("Proof of Claim" or "Claim Form"), you must either submit your claim via the online form on the File Claim tab above or you can mail your completed and signed Claim Form to:

    Interface Securities Settlement
    Claims Administrator
    c/o Gilardi & Co. LLC
    P.O. Box 301171
    Los Angeles, CA 90030-1171

    If submitting via the online form, the link is found on the “File Claim” tab above under the header “Submit Your Claim Form Online.”

    Note that the link may be disabled at any time after the filing deadline and you will only be able to submit via mail to the address above.

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  6. What does the Settlement provide?

    The Settlement provides that, in exchange for the release of the Released Plaintiff’s Claims (defined in the Notice) and dismissal of the Litigation, Interface will pay or cause to be paid $7,500,000 in cash to be distributed after Taxes, Tax Expenses, Notice and Administration Expenses, and Court-approved attorneys’ fees and expenses, pro rata, to Settlement Class Members who send in a valid Proof of Claim form pursuant to the Court-approved Plan of Allocation. The Plan of Allocation is described in more detail at the end of the Notice.

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  7. How much will I get? Is this worth my time?

    To be potentially eligible for a payment from the proceeds of the Settlement, you must be a Member of the Settlement Class and must timely complete and return the Proof of Claim form with adequate supporting documentation postmarked, if mailed, or received, if submitted online, no later than September 13, 2023.

    Your share of the Net Settlement Fund will depend on several things, including the total value of Interface common shares represented by the valid Proof of Claim forms that Settlement Class Members send in, compared to the value of your claim, all as calculated under the Plan of Allocation.

    The Plan of Allocation explains how the Net Settlement Fund will be allocated among purchasers and/or acquirers of Interface common stock and how claimants’ “Recognized Claim” will be calculated. By following the instructions in the Plan of Allocation, you can calculate your Recognized Claim. However, the payment you receive will reflect your Recognized Loss Amount in relation to the Recognized Loss Amount of all persons submitting valid Claim Forms. Because the total of all Recognized Loss Amounts is expected to exceed the amount of the Net Settlement Fund, your Recognized Claim is not the amount of the payment that you will receive, but will (together with all other Settlement Class Members’ Recognized Loss Amounts) be used to calculate your (and other Authorized Claimants’) pro rata share of the Net Settlement Fund.

    To be eligible to receive a payment from the Settlement, you must timely complete and submit a Proof of Claim form. A Proof of form was enclosed with the Notice or it may be downloaded from the Case Documents tab above. Read the instructions carefully, fill out the Proof of Claim, include all the documents the form asks for, sign it, and mail or submit it online so that it is postmarked (if mailed) or received (if submitted online) no later than September 13, 2023. If you do not submit a timely Proof of Claim form with the required information, you will not receive a payment from the Settlement Fund; however, unless you expressly exclude yourself from the Settlement Class as described below, you will still be bound by the Settlement, the Judgment, and the releases contained therein.

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  8. Do I have a lawyer in this Settlement?

    The Court ordered that the law firm of Robbins Geller Rudman & Dowd LLP represent the Settlement Class Members, including you. Robbins Geller is called Lead Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

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  9. When and where will the Court decide whether to approve the proposed Settlement?

    The Court will hold a Settlement Hearing at 3:30 p.m., on October 19, 2023, in Courtroom 8D South at the United States District Court for the Eastern District of New York, 225 Cadman Plaza East, Brooklyn, NY 11201. At the hearing, the Court will consider whether the Settlement and the Plan of Allocation are fair, reasonable, and adequate. If there are objections, the Court will consider them, even if you do not ask to speak at the hearing. The Court will listen to people who have asked to speak at the hearing. The Court may also decide how much to pay to Lead Counsel and Lead Plaintiff. After the Settlement Hearing, the Court will decide whether to approve the Settlement and the Plan of Allocation. We do not know how long these decisions will take. You should be aware that the Court may change the date and time of the Settlement Hearing without another notice being sent to Settlement Class Members. If you want to attend the hearing, you should check with Lead Counsel or this website beforehand to be sure that the date and/or time has not changed.

    In addition, the possibility exists that the Court may decide to conduct the Settlement Hearing by video or telephonic conference, or otherwise allow Settlement Class Members to appear at the hearing by phone or video, without further written notice to the Settlement Class. In order to determine whether the date and time of the Settlement Hearing have changed, or whether Settlement Class Members must or may participate by phone or video, it is important that you monitor the Court’s docket and this website, before making any plans to attend the Settlement Hearing. Any and all updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to this website. Also, if the Court requires or allows Settlement Class Members to participate in the Settlement Hearing by telephone or video, the access information will be posted to this website.

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  10. Do I have to attend the hearing?

    No. Lead Counsel will answer questions the Court may have. But, you are welcome to come at your own expense. If you send an objection, you do not have to come to Court to talk about it. As long as your written objection is received on time, the Court will consider it. You may also pay your own lawyer to attend, but it is not necessary. Settlement Class Members do not need to appear at the hearing or take any other action to indicate their approval.

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  11. May I speak at the hearing?

    If you object to the Settlement, the Plan of Allocation, and/or the fee and expense application, you may ask the Court for permission to speak at the Settlement Hearing. To do so, you must include with your objection (see question 16 in the Notice) a statement saying that it is your “Notice of Intention to Appear in the Interface Securities Settlement.” Persons who intend to object to the Settlement, the Plan of Allocation, and/or any attorneys’ fees and expenses to be awarded to Lead Counsel or Lead Plaintiff and desire to present evidence at the Settlement Hearing must include in their written objections the identity of any witnesses they may call to testify and copies of any exhibits they intend to introduce into evidence at the Settlement Hearing. Your notice of intention to appear must be received no later than August 28, 2023, and addressed to the Office of the Clerk, Lead Counsel, and Defendants’ Counsel, at the addresses listed in question 16 in the Notice.

    You cannot speak at the hearing if you exclude yourself from the Settlement Class.

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  12. How do I get my stock records? You must have my records since you contacted me.

    We do not hold stock records here. Gilardi & Company, LLC is a third-party administrator appointed by the Court to notify potential claimants. We are provided with names and addresses of potential claimants in order to notify individuals of settlements but do not have access for your investment records. We recommend you contact the institution where you held your shares and request proof or supporting documentation for your claim.

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  13. I have multiple accounts. Do I need to submit multiple Proof of Claim forms?

    Separate Claim Forms should be submitted for each separate legal entity (e.g., a claim from joint owners should not include the transactions for an individual account, and an individual should not combine his or her IRA transactions with transactions made solely in the individual’s name).

    However, a single Claim Form should be submitted on behalf of one legal entity that includes all transactions made by that entity, no matter how many separate accounts that entity has (e.g., an individual with multiple brokerage accounts should include all transactions made in all accounts on one Claim Form).

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  14. How do I submit a claim on behalf of a deceased beneficial purchaser/owner or their estate?

    When filing on behalf of a deceased beneficial owner or their estate, you can submit a claim in the name of the individual, or, if an estate exists, you can submit on behalf of the estate. Note that any settlement proceeds will be made payable to the estate if that is how you submit that claim. The same rule applies for IRA's and other account types.

    The claim submission should include a copy of the death certificate as well as proof of authority to file. As you are submitting a Claim Form as a representative on behalf of someone else (e.g., as an executor, administrator, trustee or other representative), you must document your authority to file on their (or their estate’s) behalf. Proof of authority can include a copy of the Last Will and Testament, Letters Testamentary, evidence of probate, proof of authority as executor or beneficiary and/or any other testamentary provisions of the deceased person. Do not send originals as any documents submitted with your claim will not be returned.

    Depending on whether you submit on behalf of the individual on behalf of the estate, please provide the appropriate TIN or SSN. Then sign the Claim Form.

    The claim must be submitted for the benefit of the actual beneficial owner/purchaser of the shares or their estate. Do not submit the claim in the name of the deceased person’s family or other heirs. We must issue the check to the actual beneficial owner/purchaser of the shares. We cannot issue any applicable check in the name of the deceased person’s family, beneficiaries or other heirs.

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  15. What should I provide as documentation to support my transactions?

    Sufficient documentation will provide all of the required transaction information. Typically, the required detail is transaction date, number of shares and total transaction price. Suggested forms of documentation are photocopies of stockbrokers' confirmation slips or stockbrokers' monthly statements reflecting your opening and closing balances for the months specified on the Claim Form, and in which transactions during the relevant period occurred.

    Stock certificates are not considered a sufficient form of documentation as they do not provide the necessary trade date and transaction price information. We are also unable to accept handwritten documents, self-prepared tax forms or spreadsheets, or statements that are illegible due to document quality.

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  16. Can I send a late claim?

    The Claims Administrator does not have the authority to grant extensions beyond the deadline. You are welcome to submit a Proof of Claim at this time understanding that it will be considered late. If you desire, you may also include a brief letter explaining why your claim is late.

    We will process all late claims received, and as much as possible, include that information with our recommendations to Counsel. We generally recommend that late claims which are otherwise valid and eligible be considered for distribution, but it will be up to the Court and/or Counsel to determine whether or not late claims will receive consideration in this matter.

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  17. How long does it take to process my claim? When would I get my payment?

    The Court will hold a Settlement Hearing at 3:30 p.m., on October 19, 2023, to decide whether to approve the Settlement. If the Court approves the Settlement, there might be appeals. It is always uncertain whether appeals can be resolved, and if so, how long it would take to resolve them. It also takes time for all the Proofs of Claim to be processed. Please be patient.

    Processing time on our cases can take an average of 9 to 12 months from the September 13, 2023 filing deadline. Once processing is complete, we must then wait for authorization from Counsel and/or the Court before we can distribute the funds which can take several additional months.

    Please understand that this is an estimated timeframe for processing based on our experience which does not guarantee that all case processing will be completed within twelve months. Processing time varies from case to case and some cases may take more or less based on the specifics of that case settlement.

    If your claim has been received and we have any questions or need additional information or documentation to assist in the processing of your claim, we will contact you by using one or more of the contact methods (phone, e-mail, mail) which you listed on your claim form submission.

    We will not have the final claim payout amount available until we have processed all of the claims, calculated the total loss of claims filed and received approval from the Court and/or Counsel.

    We appreciate your patience as accurate claims processing takes time.

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  18. What happens if I do nothing?

    If you do nothing, you will not receive any money from this Settlement. In addition, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against Defendants and their Related Parties about the Released Plaintiff's Claims in this case.

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