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. Who do you think is telling the truth here? on March 03, 2016 10:15 AM The hits just keep on coming for Lumber Liquidators in their burgeoning formaldehyde flooring scandal. WASHINGTON – Lumber Liquidators is paying $33 million to settle fraud charges by federal authorities who accused the company of falsely saying its … Sullivan served as interim CEO in 2015 following a scandal regarding formaldehyde in flooring manufactured in China and sold by the Lumber Liquidators. The chain told the public that it had conducted third-party testing, which demonstrated that its suppliers complied with formaldehyde emissions standards. 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. Sullivan resigned as a member of the board in late December 2016. It’s unbelievable what the scumbags running Lumber Liquidators at the time did! Are These “Toxic” Stocks Lurking in Your Portfolio? The settlement site is … Thomas Sullivan had upped his ownership of Lumber Liquidators by 30% or 500,000 shares on Sept.4 through his F9 Investments. Will Lumber Liquidators (NYSE: LL) Repeat the Chinese Drywall Scandal? Mutual Fund and ETF data provided by Refinitiv Lipper. The stock jumped nearly 9% on Sept.4 and 15% in … Based in Toano, Va., Lumber Liquidators operates … 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 … 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. Amidst class action lawsuits and criminal investigations comes news that the company's stock price has been tanking, even farther than expected. Value investor Whitney Tilson has turned bullish on Lumber Liquidators (LL), years after shorting the Virginia-based specialty hardwood retailer's stock. Market data provided by Factset. 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. or redistributed. Lumber Liquidators Reaps Profits from Laminate. You've successfully subscribed to this newsletter! Analysis with Dr Mitch Gaynor, Medical Oncologist at Cornell Medical Center & Author of "Gene Therapy Plan" on Fox Business Lumber Liquidators has agreed to pay $36 million to resolve all pending class action lawsuits over its Chinese laminate flooring. 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. 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. 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. 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. Mutual Fund and ETF data provided by Refinitiv Lipper. Lumber Liquidators’ stock was hammered by an explosive “60 Minutes” report Sunday night that claimed Chinese-made laminate flooring sold by the … 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. NEW YORK (TheStreet) -- Once nearly a $3 billion concern and considered one of America's Best Small Companies, Lumber Liquidators (LL) - Get Report has lately fallen from grace. 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