©2021 FOX News Network, LLC. Analysis with Dr Mitch Gaynor, Medical Oncologist at Cornell Medical Center & Author of "Gene Therapy Plan" on Fox Business Will Lumber Liquidators (NYSE: LL) Repeat the Chinese Drywall Scandal? It is estimated that producing laminate flooring tainted with formaldehyde and which is not CARB-compliant cuts manufacturing costs by up to 15%, an enormous margin for a company of its scale. Under an agreement, the Justice Department will defer prosecution of Lumber Liquidators and dismiss the charges after three years on condition the company takes remedial actions. 60 Minutes has reported that Lumber Liquidators has made large profits from the illegal sale of its potentially dangerous flooring products. The embattled wood flooring company headquartered in Toano, VA is currently immersed in a wood flooring scandal that could not only significantly damage … Are These “Toxic” Stocks Lurking in Your Portfolio? Market data provided by Factset. Lumber Liquidators Scandal Keeps Getting Worse By Christopher Coble, Esq. Lumber Liquidators CEO Dennis Knowles said in a statement the company has made sweeping changes "and will continue to take steps with the new executive team to better Lumber Liquidators. Legal Statement. Lumber Liquidators has agreed to pay $36 million to resolve all pending class action lawsuits over its Chinese laminate flooring. Mutual Fund and ETF data provided by Refinitiv Lipper. Who do you think is telling the truth here? ", Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. Lumber Liquidators Scandal. Lumber Liquidators denied the allegations aired by “60 Minutes” at the time, according to prosecutors, and misled investors by withholding internal information that backed up the report. Lumber Liquidators’ stock was hammered by an explosive “60 Minutes” report Sunday night that claimed Chinese-made laminate flooring sold by the … ©2021 FOX News Network, LLC. Lumber Liquidators took only limited steps to determine the validity of the suppliers’ concerns, and instead sought to generate support for its position that deconstructive testing was not a valid test method, the company admitted. Based in Toano, Va., Lumber Liquidators operates … The chain told the public that it had conducted third-party testing, which demonstrated that its suppliers complied with formaldehyde emissions standards. If you’re covered by the settlement, you should be receiving a letter in the mail or an e-mail instructing you on how to claim your piece. Quotes displayed in real-time or delayed by at least 15 minutes. The stock has lost nearly 80 percent of its value since a CBS "60 Minutes" report questioning the safety of Lumber Liquidators' products aired in March 2015. This System Could Make Your Portfolio “Recession-Proof”, Special Report: 5 Stocks Primed for Triple-Digit Gains, New Report: How to Bank Daily Profits on 7 Core Stocks. Of course, one of the big reasons you’re probably reading up on low-VOC flooring is the infamous Lumber Liquidators scandal, so let’s talk a bit about that. The Toano, Virginia-based company is one of the biggest retailers of flooring products in the U.S. Its settlements of criminal and civil fraud charges, related to statements it made in 2015, were announced Tuesday by the Justice Department and the Securities and Exchange Commission. Market data provided by Factset. Lumber Liquidators Reaps Profits from Laminate. The "60 Minutes" report, which aired on CBS on Sunday, said that Lumber Liquidators' laminate flooring made in China contains high levels of formaldehyde, a carcinogen. Choose from the topics below to receive our money-making recommendations in real time. WASHINGTON – Lumber Liquidators is paying $33 million to settle fraud charges by federal authorities who accused the company of falsely saying its Chinese-made laminate flooring met formaldehyde emissions standards. All rights reserved. The last thing consumers who purchased certain types of wood flooring from Lumber Liquidators thought they would be concerned about was their health, but that’s just what someone hundred thousand or so consumers are faced with. Sullivan served as interim CEO in 2015 following a scandal regarding formaldehyde in flooring manufactured in China and sold by the Lumber Liquidators. Can’t pay your mortgage during coronavirus? The stock jumped nearly 9% on Sept.4 and 15% in … The … But LL's founder Tom Sullivan is adamant his company did nothing wrong, nor did it break any regulation or law. Lumber Liquidators agreed to pay more than $6 million to settle the SEC action. Address: 1125 N Charles Street | Baltimore, MD 21201 | USA | Phone: 888.384.8339 I Disclaimer | Sitemap | Privacy Policy | Whitelist Us, By submitting your email address you will receive a free subscription to. All rights reserved. Powered and implemented by FactSet Digital Solutions. RICHMOND, Va. – Lumber Liquidators Holdings, Inc. has agreed to pay a total penalty of $33 million for filing a materially false and misleading statement to investors regarding the sale of its laminate flooring from China to its customers in the United States. This material may not be published, broadcast, rewritten, Amidst class action lawsuits and criminal investigations comes news that the company's stock price has been tanking, even farther than expected. or redistributed. This material may not be published, broadcast, rewritten, or redistributed. Lumber Liquidators' ( LL) stock has been one of the hottest market topics for over a week now, thanks to a March 1 "60 Minutes" exposé on the company's products.Today the … Just In: Top 5G Stock to Buy Could Double Your Money. Lumber Liquidators Chief Executive Officer Dennis Knowles said in a statement the company was "pleased" with the settlement. Toano, VA, March 13, 2019--Lumber Liquidators has agreed to pay a $33 million penalty to settle federal charges it misled investors about the safety of … Powered and implemented by FactSet Digital Solutions. Protected by copyright of the United States and international treaties. Value investor Whitney Tilson has turned bullish on Lumber Liquidators (LL), years after shorting the Virginia-based specialty hardwood retailer's stock. To that end, Lumber Liquidators visited two Chinese laminate suppliers in August 2014 to collect and test samples. Sullivan resigned as a member of the board in late December 2016. on March 03, 2016 10:15 AM The hits just keep on coming for Lumber Liquidators in their burgeoning formaldehyde flooring scandal. You've successfully subscribed to this newsletter! © 2020 Money Morning All Rights Reserved. WASHINGTON – Lumber Liquidators is paying $33 million to settle fraud charges by federal authorities who accused the company of falsely saying its … Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. Thomas Sullivan had upped his ownership of Lumber Liquidators by 30% or 500,000 shares on Sept.4 through his F9 Investments. The Lumber Liquidators (NYSE: LL) scandal mirrors the Chinese drywall scandal - companies cutting corners to cut costs. Shares in Lumber Liquidators (LL) fell 2.5 percent after the news. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper. It’s unbelievable what the scumbags running Lumber Liquidators at the time did! Lumber Liquidators agreed to pay $33 million in penalties for misleading investors about formaldehyde in its laminate flooring products, the SEC announced Tuesday. Quotes displayed in real-time or delayed by at least 15 minutes. The Lumber Liquidators (NYSE: LL) scandal mirrors the Chinese drywall scandal - companies cutting corners to cut costs. 2016 10:15 AM the hits just keep on coming for Lumber Liquidators pay $ million! Reported that Lumber Liquidators by 30 % or 500,000 shares on Sept.4 through F9. Drywall scandal sale of its potentially dangerous flooring products data provided by Refinitiv Lipper, Lumber Liquidators in their formaldehyde. Resigned as a member of the United States and international treaties pay more than $ 6 to! By at least 15 minutes his F9 Investments real time lawsuits over its Chinese laminate suppliers August... 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