Lumber Liquidators Laminate Reported Noncompliant on 60 Minutes
New York, NY, 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 Reuters.
Securities analyst Stifel Nicholaus is recommending 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.
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