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Lumber Liquidators stock falls after report of search by feds
September 27, 2013 / 1:29 PM / 4 years ago

Lumber Liquidators stock falls after report of search by feds

Sept 27 (Reuters) - Shares of Lumber Liquidators Holdings plunged 10 percent in premarket trading on Friday after the Associated Press reported that federal authorities searched the retailer’s headquarters and a business location.

Representatives for Lumber Liquidators did not immediately respond to requests for comment on Friday. In a statement provided to AP, the retailer said it was cooperating to provide information and documentation to “answer questions relating to the importation of certain products,” AP reported.

According to the AP report, a spokesman for Immigration and Customs Enforcement’s Homeland Security Investigations said a search warrant was executed on Thursday in coordination with the U.S. Fish and Wildlife Service and the Department of Justice. The warrant was executed at the company’s headquarters in Toano, Virginia, and at one of its business locations in Richmond, Virginia, according to the report.

Officials from the Department of Homeland Security and Immigration and Customs Enforcement did not immediately respond to requests for comment.

Shares of Lumber Liquidators fell to $101.20 in premarket trading, down from Thursday’s closing price of $112.96 on the New York Stock Exchange. The shares hit an all-time high of $115.59 on Sept. 19.

Lumber Liquidators sells hardwood flooring at more than 305 stores in the United States and Canada.

Reporting by Jessica Wohl in Chicago and Deborah Charles in Washington; Editing by John Wallace

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