Lumber Liquidators (LL) stock is falling after the company announced it is pulling sales of all Chinese made laminate flooring. The move comes after a CBS episode of ’60 Minutes’ claimed the laminate flooring contained dangerous levels of formaldehyde. The retailer has so far denied the claims but has now begun a review of its product sourcing procedures, hiring a former FBI Director. Lumber liquidators is currently facing over 100 lawsuits and is being investigated by the U.S Consumer Product Safety Commission. The company’s second quarter sales were down 13% following the CBS report. Shares in Lumber Liquidators have dropped by about 50% since the report was released.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
