Interface Inc

Atlanta based flooring company fined for inflated earnings reports

Atlanta based flooring company fined for inflated earnings reports

Atlanta-based commercial flooring company Interface Inc. agreed Monday to pay a $5 million fine stemming from a U.S. Securities and Exchange Commission investigation into improper reporting of its quarterly earnings. An order handed down by the SEC found Interface and two former executives with the company made unsupported manual accounting adjustments in 2015 and 2016, often when Interface’s internal forecasts indicated the company likely would fall short of analysts’ consensus estimates. Those adjustments boosted the company’s income, making it possible for Interface to consistently report earnings that met or exceeded consensus estimates, according to the order. The SEC’s actions against…
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