Lumber Liquidators Laminate Found Noncompliant by CBS
New York, New York, March
2, 2015-- CBS’s 60 Minutes aired a program on the evening of March 1 in which
it reported that independent testing of Chinese-made Lumber Liquidators
laminate flooring revealed 30 of 31 samples to be incompliant with formaldehyde
emissions standards, according to Reuters.
CBS reported that some of
the samples were found to be more than 13 times over the California limit for
formaldehyde, a cancer causing chemical. The show tested samples sold in
Virginia, Florida, Texas, Illinois and New York.
Lumber Liquidators said it
complies with applicable regulations regarding its products, including
California standards for emissions, said Reuters. The company believes the
attacks are being generated by a group of short-selling investors with the goal
of lowering the price of Lumber Liquidators’ stock.
Lumber Liquidators reports
that the U.S. Department of Justice may seek criminal charges against it under
an Act aimed at curbing the illegal harvest of tropical hardwoods, reports
analyst Stifel Nicholaus is reporting a hold on Lumber Liquidators stock and
reports that the value of the stock fell 27.7% last week when news of the
upcoming 60 Minutes report became public.