United States

Lumber Liquidators Holdings Inc (LL.N)

LL.N on New York Stock Exchange

26 Oct 2016
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$-0.11 (-0.60%)
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Latest Key Developments (Source: Significant Developments)

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

Lumber Liquidators Holdings Inc announces management changes
Thursday, 21 May 2015 08:30am EDT 

Lumber Liquidators Holdings Inc:Says Robert M. Lynch notified of his resignation as the company's President and Chief Executive Officer.The company intends to commence a national search for Lynch's replacement.In the interim, Thomas D. Sullivan, the company's Founder, will serve as the acting chief executive officer.  Full Article

CORRECTION - Robertson & Associates, LLP files RICO class action against Lumber Liquidators and Lab
Thursday, 16 Apr 2015 07:00pm EDT 

(CORRECTED TO READ - "Robertson & Associates, LLP files RICO"... INSTEAD OF... "Lumber Liquidators Holdings Inc files RICO"... IN THE HEADLINE).Robertson & Associates, LLP:Files RICO Class Action Against Lumber Liquidators and the companies Lumber Liquidators has hired to conduct indoor air testing for formaldehyde in its customers' homes.Lawsuit names Building Health Check, LLC, and EDLab, a division of Pure Air Control Services, Inc., of Clearwater, Florida, as co-defendants.Suit alleges that Lumber Liquidators "has hired a mold lab to conduct formaldehyde gas emissions testing and is trying to lull its customers into a false sense of security with the accreditation and proficiency of its chosen lab.".Lawsuit seeks an injunction against the defendants from continuing to misrepresent the accreditation of the lab and that the Bio-Badge home test kit is the same as used by "professionals" to test for formaldehyde in indoor air.  Full Article

Lumber Liquidators Holdings Inc gives FY 2015 revenue outlook in line with analysts' estimates; gives FY 2015 comparable sales outlook
Wednesday, 25 Feb 2015 07:00am EST 

Lumber Liquidators Holdings:Expects FY 2015 Net sales in the range of $1.14 billion to $1.21 billion.FY 2015 Comparable store net sales increasing in the single digits.FY 2015 Earnings per diluted share in the range of about $2.50 to $3.00.FY 2015 revenue of $1.17 bln, EPS of $2.96 - Thomson Reuters I/B/E/S.  Full Article


Lumber Liquidators appoints Martin Agard as CFO

Hardwood flooring retailer Lumber Liquidators Holdings Inc appointed Martin Agard chief financial officer, more than a year after reports about the presence of a cancer-causing chemical in some of its products cost its top officers their jobs.