In an SEC filing Monday, the company responded to the 60 Minutes story, claiming its methods were faulty. One of those lawsuits was withdrawn in February 2014. Trading in the stock was halted but started again around 11:15 a.m. Lumber Liquidators To Report Fourth Quarter And Full Year 2019 Results On February 25, 2020. The investigation also referenced a lawsuit filed by Global Community Monitor Executive Director Denny Larson and environmental attorney Richard Drury. Until about 11 a.m., the stock was halted from trading. Shares of Lumber Liquidators (LL) are back to trading after being halted on a '60 Minutes' report claiming the company sold flooring that contains cancer-causing chemicals. In June, the Consumer Product Safety Commission said the firm had agreed not to resume the imports. Lumber Liquidators Holdings is still a bargain right now. STOCKS. Two other lawsuits had been filed against Lumber Liquidators that alleged excessive and unsafe levels of formaldehyde. Correction: The original article reported seven lawsuits against Lumber Liquidators are pending. Try 1 month for $29. Bringing out the best in hardwood floors. Top institutional investors include BlackRock Inc. (15.66%), Price T Rowe Associates Inc. MD (11.96%), Dimensional Fund Advisors LP (2.96%), Dimensional Fund Advisors LP (2.96%), Royce & Associates LP (1.79%) and Northern Trust Corp (1.28%). We regret the error. Headquartered in Richmond, Virginia, LL Flooring was founded as Lumber Liquidators in 1994. On Monday morning, following the report, trading of Lumber Liquidators stock was halted by the New York Stock Exchange, a sign of likely heavy short pressure as investors bail on the retailer. The next morning, March 2, 2015, the New York Stock Exchange halted trading of the company’s stock, with the expectation that Lumber Liquidators intended to issue a statement responding to the 60 Minutes episode. Lumber Liquidators stock plunged almost 25 percent this morning before markets opened after a Sunday night “60 Minutes” investigation reported the company’s laminate made in China had levels of formaldehyde that was as much as 13 times over the legal limit set by the California Air Resources Board (CARB). We comply with applicable regulations set by the California Air Resources Board (“CARB”), which is currently the only regulator of composite core emissions. One issue that’s now up for debate on Wall Street is whether investigators used the right method to test the company’s flooring. Learn how you can make more money with IBD's investing tools, top-performing stock lists, and educational content. Larson and Drury sent 150 boxes of laminate flooring purchased in California to certified laboratories to check the products’ formaldehyde emissions. After falling more than 25% in premarket trading on Monday, shares of Lumber Liquidators were halted at the market open. "Our laminate floors are completely safe to use as intended. Five lawsuits are currently pending against Lumber Liquidators. Lenel Brown was promoted to marketing communications manager. Two of the lawsuits currently facing Lumber Liquidators, including the lawsuit filed by the Global Community Monitor, concern formaldehyde levels in the company’s laminate flooring products. Get market updates, educational videos, webinars, and stock analysis. Its stock was down 24 percent before the stock market opened and down another 21 percent by noon, according to CNBC . Going forward, at these brokers, it will no longer be possible to purchase LL shares on margin. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Lumber Liquidators (LL) shares are diving following a "60 Minutes" report Sunday that found the company's laminate flooring contains high levels of cancer-causing formaldehyde. Its all-time low was $8.33 on Oct. 31, 2008. The Floor Educational Guild will host virtual classes on moisture testing April 1. Advertisement. Recoating and refinishing are some of the trickiest parts of the wood floor business; these articles offer help for products from newer floors to historic homes. Some laminate flooring products had formaldehyde as high as 20 times the normal level. The percentage of Lumber Liquidators stock available for shorting and being used for short bets is about 30 percent, according to Markit. Lumber Liquidators' stock is owned by a variety of institutional and retail investors. ET, according to CNBC. 5 Ways To Fix It, Energy Stocks To Watch: Natural Gas Powers Triple-Digit Growth, New Buy Point. After resuming trade following the release of this statement, the stock was down as much as 24%. We randomly test each of our six laminate suppliers in China using unannounced audits and all products tested are compliant and safe. The stock fell last week Wednesday by 26 percent, and at the end of trading on Friday was listed at $51.59. ET, according to CNBC. In a test of 31 boxes of Lumber Liquidators' laminate flooring, which is manufactured in Chinese mills, CBS News found that only one was compliant with formaldehyde emissions standards, with some samples containing 13 times the California limit for the chemical. Following the CBS segment, Morgan Stanley downgraded the company to equal weight from overweight and removed its 85 price target altogether. U.S. Markets; Canada; Europe & Middle East; Asia; Emerging Markets Reporters went undercover for “60 Minutes” at Lumber Liquidators’ Chinese laminate suppliers' mills and were told by facility managers that the laminate products, though labeled compliant with CARB Phase 2, were not. Update — March 3, 2015: Lumber Liquidators responded to the "60 Minutes" investigation through an SEC filing. By PR Newswire . "These attacks are driven by a small group of short-selling investors who are working together for the sole purpose of making money by lowering our stock price," Lumber Liquidators said in a statement. If you are looking for stocks with good return, Lumber Liquidators Holdings Inc stock can be a bad, high-risk 1-year investment option. Trading had been halted earlier Monday, pending news, and had sunk almost 25% in premarket trading. One of the suppliers featured questioned whether the product shown was actually from its factory. Do the numbers hold clues to what lies ahead for the stock? Ownership data provided by Refinitiv and Estimates data provided by FactSet. We’ve hit 1 Million follows on Facebook! Their motives and methods are wrong and we will fight these false attacks on all fronts. We stand by every single plank of wood and laminate we sell all around the country and will continue to deliver the best product at the best price to our growing base of valued customers.”. Not so long ago, Lumber Liquidators had one of the hottest stocks on Wall Street, reporting good-looking financial results that got Tilson's attention. Also, we are focused on maintaining the customers’ trust and addressing any concerns over our long purchase cycle. Shares of Aruba Networks (ARUN) is down about 1.5% after its deal with Hewlett-Packard (HPQ) valued its price less than where it was trading. Join the Founder’s Club and get access to every IBD product PLUS a special webinar on March 31. Their statement in full: “Lumber Liquidators is a leader in safety, as evidenced by our track record of providing our wide range of products to two million satisfied customers across America. L umber Liquidators (LL) shares are diving following a "60 Minutes" report Sunday that found the company's laminate flooring contains high levels of cancer-causing formaldehyde. A 2013 report from the Environmental Investigation Agency titled “Liquidating the Forests: Hardwood Flooring, Organized Crime and the World’s Last Siberian Tigers,” claims that the retailer’s flagship wood flooring products, the Bellawood brand, comes from trees cut down illegally in protected Siberian tiger habitat. Lumber Liquidators founder Tom Sullivan told “60 Minutes” that he did not accept the methodology used for the tests and told reporter Anderson Cooper, “Our goal is to sell a good product at a good price, and we don’t get the price by skimping on anything. 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