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. This volatile small-cap stock was down 7 percent, based on a negative article posted on Seeking Alpha. Its stock was down 24 percent before the stock market opened and down another 21 percent by noon, according to CNBC . Trading had been halted earlier Monday, pending news, and had sunk almost 25% in premarket trading. Lumber Liquidators halted the China imports in question as investors sold off the company's stock. Lumber Liquidators (LL) plunged more than 25% Monday. Lumber Liquidators To Report Fourth Quarter And Full Year … 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). LL: Get the latest Lumber Liquidators stock price and detailed information including LL news, historical charts and realtime prices. Two other lawsuits had been filed against Lumber Liquidators that alleged excessive and unsafe levels of formaldehyde. Also, we are focused on maintaining the customers’ trust and addressing any concerns over our long purchase cycle. Some laminate flooring products had formaldehyde as high as 20 times the normal level. Lumber Liquidators said it reached out to the Chinese suppliers in question and received confirmation that the products were compliant with health and safety standards. NEW YORK, March 2 (Reuters) - Shares of Lumber Liquidators Holdings Inc were down more than 20 percent on Monday after the CBS news program “60 … Feb 12, 2020 4:30 PM EST. "As 60 Minutes noted, these attacks are driven by a small group of short-selling investors who are working together for the purpose of making money by lowering our stock price. BREAKING: Futures Edge Higher, RH Jumps On Earnings. Earlier the stock was halted from trading. © 2000-2021 Investor's Business Daily, Inc. All rights reserved. Its all-time low was $8.33 on Oct. 31, 2008. As 60 Minutes noted, these attacks are driven by a small group of short-selling investors who are working together for the purpose of making money by lowering our stock price. Realtime quote and/or trade prices are not sourced from all markets. In 2013, Lumber Liquidators was raided by federal investigators as part of a probe related to whether the company used illegally logged timber. Get Stock like returns with bond like risk. After becoming aware of the nature and content of the 60 Minutes story, we immediately reached out to the Chinese suppliers included in the story. In an SEC filing Monday, the company responded to the 60 Minutes story, claiming its methods were faulty. 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. NEW YORK — A report on CBS’ “60 Minutes” has knocked the floor out from under Lumber Liquidators. Ownership data provided by Refinitiv and Estimates data provided by FactSet. Tens of thousands of California households are believed to have the formaldehyde-heavy laminates in their homes, said environmental attorney Richard Drury during the segment. This issue's tip is from Daniel Caffo at Daniel Caffo Hardwood Flooring Inc. in Woodlyn, Pa.We... One of the world's oldest cities has a new wood flooring trend. STOCKS. Correction: The original article reported seven lawsuits against Lumber Liquidators are pending. Trading in the stock was halted but started again around 11:15 a.m. CNBC reports that trading of Lumber Liquidators stock has been halted Monday morning after its shares fell more than 20%. That is up from about 10 percent in July. The stock jumped nearly 9% on Sept.4 and 15% in … In our attempt to be fair and transparent, we provided significant testing results to 60 Minutes, including the results of the random testing performed on products from each of our laminate suppliers.". Lumber Liquidators (LL) delivered earnings and revenue surprises of 103.85% and 1.60%, respectively, for the quarter ended December 2020. 3/15/2021 Lumber Liquidators Plunges On Disappointing Earnings. Shares of flooring products retailer Lumber Liquidators () are going through … U.S. Markets; Canada; Europe & Middle East; Asia; Emerging Markets Lumber Liquidators' stock is owned by a variety of institutional and retail investors. The “60 Minutes” team had similar results during their own formaldehyde tests. Every manufacturer of fiberboard cores used in our products is certified in accordance with CARB regulations. None of those lawsuits pertains to chemical emissions of the company’s hardwood flooring. The company has maintained its innocence in all the pending lawsuits. Our Chairman addressed the differences and our position on the test methodology but 60 Minutes chose not to include it. Lumber Liquidators plunged more than 25% by mid-morning Monday, March 2, 2015. One issue that’s now up for debate on Wall Street is whether investigators used the right method to test the company’s flooring. We comply with applicable regulations set by the California Air Resources Board (“CARB”), which is currently the only regulator of composite core emissions. ET, according to CNBC. Although the CARB regulations only apply in California, we adhere to these standards everywhere we do business. The percentage of Lumber Liquidators stock available for shorting and being used for short bets is about 30 percent, according to Markit. The other was settled out of court “with prejudice for an immaterial amount” in May. Lumber Liquidators sold flooring with higher levels of formaldehyde than permitted under California's health and safety standards, according to '60 Minutes.' The investigation also referenced a lawsuit filed by Global Community Monitor Executive Director Denny Larson and environmental attorney Richard Drury. But the average level of formaldehyde in Lumber Liquidators’ laminate flooring made in China was, on average, six or seven times the normal level, as defined by CARB Phase 2. That was incorrect. According to my valuation, the intrinsic value for the stock is $21.76, which is above what the market is valuing the company at the moment. We regret the error. 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. All of our resources are focused on ensuring our customer understands the truth, our products are 100% safe and our testing is thorough. That's after the stock lost more than a quarter of its value -- 26% -- … Going forward, at these brokers, it will no longer be possible to purchase LL shares on margin. 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. Until about 11 a.m., the stock was halted from trading. Futures Edge Higher, RH Jumps On Earnings, Lumber Liquidators Plunges On Disappointing Earnings, Stocks With Rising Relative Price Strength: Lumber Liquidators, Construction Materials Leader Lands A Double Buy-Point Breakout, These 8 Small Stocks Are Still Cheap After Giant 100%-Plus Gains, Dow Jones Jumps, Small Caps Lead As Trump Nears Biden With Election Due, Composite Rating For Lumber Liquidators Rises To 96, Trex Beats Earnings Views, Guides High; Stock To Be Split, Lumber Liquidators Stock Upgraded After Shares Hit New 2020 High, Lumber Liquidators Clears Technical Benchmark, Hitting 80-Plus RS Rating. The report sent Lumber Liquidators shares tumbling. Lumber Liquidators has halted sales of controversial laminate flooring from China after a spate of bad publicity, plunging sales and government probes of … Morgan Stanley suggests that they did not, while Wedbush suggests that they did. By the time the stock was halted, shares of Lumber Liquidators had plunged by nearly 25% to $38.91 per share in premarket trading. By PR Newswire . They purchased 31 boxes of Lumber Liquidators laminate flooring from Virginia, Florida, Texas, Illinois and New York. Some were more than 13 times the normal level. One of the suppliers featured questioned whether the product shown was actually from its factory. "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. Join the Founder’s Club and get access to every IBD product PLUS a special webinar on March 31. Following the CBS segment, Morgan Stanley downgraded the company to equal weight from overweight and removed its 85 price target altogether. Thomas Sullivan had upped his ownership of Lumber Liquidators by 30% or 500,000 shares on Sept.4 through his F9 Investments. Home; Latest News; Watchlist; Markets. 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%). 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. Advertisement. We get it by low overheard, huge volume, and being very efficient at what we do; we’re never going to sell something unsafe.” But when confronted with the video footage of the undercover investigators at the Lumber Liquidators Chinese suppliers, he told Cooper, “We will investigate immediately.”. Earnings report differences and our position on the stock was down 24 percent before the stock fell last week it! 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