WASHINGTON – Lumber Liquidators is paying $33 million to settle fraud charges by federal authorities who accused the company of falsely saying its … Lumber Liquidators has agreed to pay $36 million to resolve all pending class action lawsuits over its Chinese laminate flooring. The settlement site is … or redistributed. In March 2015, a 60 Minutes report found that flooring company Lumber Liquidators (which has since rebranded as LL Flooring) was selling products packed with formaldehyde. Market data provided by Factset. The Toano, Virginia-based company is one of the biggest retailers of flooring products in the U.S. Its settlements of criminal and civil fraud charges, related to statements it made in 2015, were announced Tuesday by the Justice Department and the Securities and Exchange Commission. Sullivan resigned as a member of the board in late December 2016. Powered and implemented by FactSet Digital Solutions. Under an agreement, the Justice Department will defer prosecution of Lumber Liquidators and dismiss the charges after three years on condition the company takes remedial actions. 60 Minutes has reported that Lumber Liquidators has made large profits from the illegal sale of its potentially dangerous flooring products. Mutual Fund and ETF data provided by Refinitiv Lipper. ©2021 FOX News Network, LLC. But LL's founder Tom Sullivan is adamant his company did nothing wrong, nor did it break any regulation or law. In March of 2019, Lumber Liquidators was charged with fraud by the Securities and Exchange Commission (SEC) over statements made in response to the “60 Minutes” segment. The Lumber Liquidators (NYSE: LL) scandal mirrors the Chinese drywall scandal - companies cutting corners to cut costs. Mutual Fund and ETF data provided by Refinitiv Lipper. Choose from the topics below to receive our money-making recommendations in real time. To that end, Lumber Liquidators visited two Chinese laminate suppliers in August 2014 to collect and test samples. WASHINGTON – Lumber Liquidators is paying $33 million to settle fraud charges by federal authorities who accused the company of falsely saying its Chinese-made laminate flooring met formaldehyde emissions standards. Legal Statement. © 2020 Money Morning All Rights Reserved. Try this now, 6 things to know when buying your second home, Here's how much savings you should have at 40. The "60 Minutes" report, which aired on CBS on Sunday, said that Lumber Liquidators' laminate flooring made in China contains high levels of formaldehyde, a carcinogen. Toano, VA, March 13, 2019--Lumber Liquidators has agreed to pay a $33 million penalty to settle federal charges it misled investors about the safety of … This System Could Make Your Portfolio “Recession-Proof”, Special Report: 5 Stocks Primed for Triple-Digit Gains, New Report: How to Bank Daily Profits on 7 Core Stocks. Thomas Sullivan had upped his ownership of Lumber Liquidators by 30% or 500,000 shares on Sept.4 through his F9 Investments. Lumber Liquidators Reaps Profits from Laminate. Shares in Lumber Liquidators (LL) fell 2.5 percent after the news. By Abby Higgs, Staff Writer, Money Morning - March 13, 2015. Of course, one of the big reasons you’re probably reading up on low-VOC flooring is the infamous Lumber Liquidators scandal, so let’s talk a bit about that. All rights reserved. You've successfully subscribed to this newsletter! The stock jumped nearly 9% on Sept.4 and 15% in … Value investor Whitney Tilson has turned bullish on Lumber Liquidators (LL), years after shorting the Virginia-based specialty hardwood retailer's stock. If you’re covered by the settlement, you should be receiving a letter in the mail or an e-mail instructing you on how to claim your piece. Just In: Top 5G Stock to Buy Could Double Your Money. Can’t pay your mortgage during coronavirus? The embattled wood flooring company headquartered in Toano, VA is currently immersed in a wood flooring scandal that could not only significantly damage … Lumber Liquidators Scandal Keeps Getting Worse By Christopher Coble, Esq. Quotes displayed in real-time or delayed by at least 15 minutes. It is estimated that producing laminate flooring tainted with formaldehyde and which is not CARB-compliant cuts manufacturing costs by up to 15%, an enormous margin for a company of its scale. NEW YORK (TheStreet) -- Once nearly a $3 billion concern and considered one of America's Best Small Companies, Lumber Liquidators (LL) - Get Report has lately fallen from grace. The stock has lost nearly 80 percent of its value since a CBS "60 Minutes" report questioning the safety of Lumber Liquidators' products aired in March 2015. To cut costs United States and international treaties LL ) Repeat the Chinese drywall scandal - companies corners. 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