Welcome to the Interface Securities Settlement Website
| NOTICE OF HEARING: Settlement Hearing previously set for September 18, 2023 is reset to October 19, 2023 at 3:30 pm in Courtroom 6A South, United States District Court for the Eastern District of New York, 225 Cadman Plaza East, Brooklyn, NY 11201 before Judge Hector Gonzalez. |
This website has been established to provide general information related to the proposed settlement of the case known as Swanson v. Interface, Inc., et al., Civil Action No. 1:20-cv-05518-BMC-RER, pending before the United States District Court for the Eastern District of New York (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated May 17, 2023, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected if you purchased or acquired the common stock of Interface, Inc. (“Interface”) from May 12, 2016 through September 28, 2020,inclusive (the “Class Period”).
The law firm of Robbins Geller Rudman & Dowd LLP represents the Settlement Class Members. These lawyers are called Lead Counsel. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent th Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), Lead Plaintiff filed an Amended Complaint for Violations of the Federal Securities Laws on April 28, 2021. Lead Plaintiff alleges that, during the Class Period, Defendants made materially false and misleading statements and omissions concerning Interface’s disclosure controls and procedures and internal controls over financial reporting, and that Interface had reported artificially inflated income and earnings per share in 2015 and 2016.
In the course of the Action, the Settling Parties engaged the services of Jed Melnick, Esq., in good faith efforts to resolve the case. The Settling Parties engaged in settlement discussions on multiple occasions and ultimately an agreement was reached to settle the Litigation in return for a cash payment of $7.5 million for the benefit of the Settlement Class.
WHAT DOES THE SETTLEMENT PROVIDE?
The Settlement, if approved, will result in the creation of a cash settlement fund of $7,500,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Class Members pursuant to the Plan of Allocation that is described in the Notice.
ADDITIONAL INFORMATION
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully. You may also wish to read the answers to Frequently Asked Questions provided on this website.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| SUBMIT A PROOF OF CLAIM FORM |
The only way to be eligible to receive a payment from the Settlement. Proof of Claim forms must be postmarked or submitted online on or before September 13, 2023. |
| EXCLUDE YOURSELF |
Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties (as defined in the Notice) about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Settlement Class you should understand that Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked on or before August 28, 2023. |
| OBJECT |
Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Member of the Settlement Class. Objections must be received by the Court and counsel on or before August 28, 2023. If you submit a written objection, you may (but do not have to) attend the hearing. |
| GO TO THE HEARING ON OCTOBER 19, 2023 |
Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before August 28, 2023. |
| DO NOTHING |
Receive no payment. You will, however, still be a Member of the Settlement Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Defendant Party about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation. |
IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
September 13, 2023 |
| Request Exclusion: |
August 28, 2023 |
| Submit Objection: |
August 28, 2023 |
| File Notice of Intention to Appear: |
August 28, 2023 |
| Settlement Hearing: |
October 19, 2023 at 3:30 p.m. |