Lumber Liquidators Holdings Inc (LL.N) Key Developments | Reuters.com
Edition:
United States

Lumber Liquidators Holdings Inc (LL.N)

LL.N on New York Stock Exchange

15.13USD
12:58pm EDT
Change (% chg)

$0.44 (+3.00%)
Prev Close
$14.69
Open
$14.89
Day's High
$15.34
Day's Low
$14.81
Volume
87,743
Avg. Vol
334,483
52-wk High
$21.83
52-wk Low
$10.01

Latest Key Developments (Source: Significant Developments)

U.S. CPSC says Lumber Liquidators agreed not to resume sales of laminate wood flooring previously imported from China
Thursday, 16 Jun 2016 06:30pm EDT 

U.S. CPSC : Lumber liquidators agreed to not resume sales of laminate wood flooring previously imported from china . Lumber liquidators will continue its voluntary program to test for formaldehyde emissions in consumers’ homes . Any future sale, disposal or transfer of the inventory can only take place with cpsc’s approval .In homes where chinese-made laminate flooring is found to emit elevated levels of formaldehyde, lumber liquidators will provide any required remediation.  Full Article

Lumber Liquidators : Expect legal costs to remain "elevated in the forseeable future" - conf call
Tuesday, 10 May 2016 08:56am EDT 

Lumber Liquidators Holdings Inc : Expect legal costs to remain "elevated in the forseeable future" - conf call . Further company coverage [LL.N] ((Bengaluru Newsroom; +1 646 223 8780)).  Full Article

Lumber Liquidators suspends share buyback plan
Tuesday, 10 May 2016 06:59am EDT 

Lumber Liquidators Holdings : Believe legal, professional fees will remain above historic levels as we work through remaining matters-SEC filing . Insurance coverage for addressing some legal issues to be exhausted due to settlement under securities class action MOU terms-SEC filing .Says suspended share buyback plan until better able to evaluate long-term customer demand, assess operations and cash flow-SEC filing.  Full Article

Lumber Liquidators posts Q1 loss per share $1.20
Tuesday, 10 May 2016 06:26am EDT 

Lumber Liquidators Holdings Inc : Lumber Liquidators announces first quarter 2016 financial results . Q1 loss per share $1.20 . Q1 earnings per share view $-0.24 -- Thomson Reuters I/B/E/S . Sales results fell short of our expectations . "Continue to see improvement in our gross margin from lows of 2015 driven by our strategic pricing initiatives" . On april 27, entered mou with lead plaintiffs in consolidated securities class action matter .Through insurers, will contribute $26 million as well as 1 million shares of company's common stock to a settlement fund to resolve matter.  Full Article

Lumber Liquidators Holdings Inc settles with California clean air agency - Reuters News
Tuesday, 22 Mar 2016 12:58pm EDT 

Lumber Liquidators Holdings Inc:Lumber Liquidators Holdings Inc said it had reached a settlement with the California Air Resources Board, the state's clean air agency, to resolve an inquiry into the company's laminate flooring products sourced from China. - RTRS.The agency concluded its review with no formal finding of violation or admission of wrongdoing by Lumber Liquidators, the company said in a regulatory filing on Tuesday.Lumber Liquidators, said it agreed to pay $2.5 million to the agency to resolve the matter.CBS's "60 Minutes" program cited the agency's tests in a report last March that alleged the company was selling flooring with excessive levels of formaldehyde, a known carcinogen.Since the report, the company's stock and sales have been hammered and it has been the subject of several investigations and lawsuits.Lumber Liquidators stopped selling laminates sourced from China in May 2015. This is the company's second settlement with government agencies in the past few months.In October, Lumber Liquidators agreed to pay $10 million in an unrelated probe by the Department of Justice into the import of certain flooring products in 2013.However, the company's woes are far from over as a revised report by the Centers for Disease Control and Prevention (CDC) showed the company's China-sourced laminates were three times more likely to cause cancer than it had initially reported. The CDC's investigation is ongoing.  Full Article

Lumber Liquidators Holdings Inc - Harmful gas levels in Lumber Liquidators flooring - - ASSOPR
Wednesday, 10 Feb 2016 06:01pm EST 

Lumber Liquidators Holdings Inc:A national retailer sold Chinese-made flooring that emits hazardous levels of formaldehyde, a federal investigation found. - AP.The laminate flooring was sold by Lumber Liquidators until last May, when the company announced it was halting sales.A long-awaited federal safety review found the flooring gave off enough formaldehyde gas to irritate the eyes, nose and throat of many people.There also was enough gas from the product to trigger breathing problems in people with certain health conditions, like asthma.The formaldehyde also increased cancer risks by a small amount. U.S. officials released the analysis Wednesday.The Consumer Product Safety Commission, which oversaw the testing, is continuing its investigation and has not announced any penalties related to the findings.The company did not dispute the new report's findings."We support their recommendations and share their (the agency's) commitment to educating consumers," a company statement said. Based in Toano, Virginia, Lumber Liquidators sells flooring at 375 stores in North America.The results were provided to another federal agency — the Centers for Disease Control and Prevention. The CDC and a sister agency analyzed the results to calculate the health impact of the detected levels of formaldehyde.  Full Article

Lumber Liquidators Holdings Inc to pay $13.2 mln in fines to settle DoJ probe - Reuters
Monday, 1 Feb 2016 01:55pm EST 

Lumber Liquidators Holdings Inc:Lumber Liquidators Holdings Inc will pay about $13.2 million in fines and forfeitures to resolve a U.S. Department of Justice investigation into the import of certain flooring products in 2013, the department said. - RTRS.Lumber Liquidators has also agreed to an organizational probation of five years, implementation of a strict environmental compliance plan and independent audits, the department said - RTRS.The charges are linked to the "use of timber that was illegally logged in Far East Russia, as well as false statements on Lacey Act declarations which obfuscated the true species and source of the timber," the department said. - RTRS.This is the first felony conviction related to the import or use of illegal timber and the largest criminal fine ever under the Lacey Act, according to the department. The Lacey Act is a conservation law aimed at protecting plants, fish and wildlife. - RTRS.Lumber Liquidators will have to pay $7.8 million in criminal fines, $1.23 million in community service payments, $969,175 in forfeited proceeds and more than $3.15 million in cash through a related civil forfeiture. - RTRS.Under the environmental compliance plan, Lumber Liquidators will also have to verify all wood it imports back to the source of harvesting. - RTRS.  Full Article

Lumber Liquidators Holdings Inc appoints John M. Presley as Chief Executive Officer
Wednesday, 4 Nov 2015 06:01am EST 

Lumber Liquidators Holdings Inc:Appoints john m. presley as chief executive officer.Says Nancy M. Taylor named independent chairwoman of the board.Presley succeeds Thomas D. Sullivan.Says Thomas D. Sullivan to continue to serve on the board and as special advisor to the CEO.Says Presley has been a director of Lumber Liquidators since April 2006, and was appointed chairman of the board in May 2015.  Full Article

U.S. DOJ says Lumber Liquidators Holdings Inc pleads guilty to environmental crimes - Department of Justice
Thursday, 22 Oct 2015 01:34pm EDT 

Lumber Liquidators Holdings Inc:Lumber Liquidators pleaded guilty in federal court in Norfolk, Virginia, to environmental crimes related to its illegal importation of hardwood flooring - Department of Justice.Much of which was manufactured in China from timber that had been illegally logged in far eastern Russia in the habitat of the last remaining Siberian tigers and Amur leopards in the world, announced the Department of Justice.Lumber Liquidators was charged earlier this month in the Eastern District of Virginia with one felony count of importing goods through false statements and four misdemeanor violations of the Lacey Act.which makes it a crime to import timber that was taken in violation of the laws of a foreign country and to transport falsely-labeled timber across international borders into the United States.Under the plea agreement, Lumber Liquidators will pay $13.15 million, including $7.8 million in criminal fines, $969,175 in criminal forfeiture and more than $1.23 million in community service payments.Lumber Liquidators has also agreed to a five year term of organizational probation and mandatory implementation of a government-approved environmental compliance plan and independent audits.In addition, the company will pay more than $3.15 million in cash through a related civil forfeiture.The company is scheduled to be sentenced on Feb. 1, 2016.  Full Article

Lumber Liquidators announces settlement related to Lacey Act Investigation
Wednesday, 7 Oct 2015 04:26pm EDT 

Lumber Liquidators:Says settlement with the Environment and Natural Resources Division of the Department of Justice related to the Company's compliance with the Lacey Act, a U.S. conservation law regarding the protection of plants, fish and wildlife.Lumber Liquidators fully cooperated with federal authorities and is continuing to make significant enhancements to its sourcing and compliance practices.Says this settlement is unrelated to current California Air Resources Board ("CARB") related claims around certain Lumber Liquidators products.As part of the settlement, Lumber Liquidators has agreed to plead guilty to violations of a Customs law and the Lacey Act, and pay a combined total of $10.0 million in fines, community service payments and forfeited proceeds.Agreement includes four misdemeanor due care violations of the Lacey Act and a single felony charge for entry of goods by means of false statements.Says these violations, including the Class E felony, do not require the Company to have acted with a deliberate or willful intent to violate the law, and the Company did not stipulate that it acted with such a deliberate or willful intent.Lumber Liquidators also has agreed to implement an Environmental Compliance Plan to ensure future compliance with the Lacey Act.Company also reached a settlement with the DOJ related to the remaining $3.2 million of suspended engineered hardwood flooring.  Full Article

CORRECTED-Lumber Liquidators agrees not to sell China-made flooring inventory

June 16 Lumber Liquidators Holdings Inc has agreed not to sell its existing inventory of laminate flooring previously sourced from China, the U.S. consumer safety regulator said, as the flooring retailer looks to move beyond allegations the products contained excessive levels of cancer-causing formaldehyde.