Posted on 03/02/2015 9:34:30 AM PST by SeekAndFind
Lumber Liquidators shares are getting smoked after a report aired on "60 Minutes" Sunday night that showed major issues at some of the company's factories in China.
Near 11:15 a.m. ET on Monday, shares of the company were down more than 22%.
In premarket trade Monday, shares of Lumber Liquidators — North America's largest specialty retailer of hardwood floor — were down as much as 24%.
At the opening bell on Monday, shares of the company were halted, news pending.
Just after 11:00 a.m. ET, the company released a statement regarding the "60 Minutes" report, saying the newsmagazine used an improper testing method.
The "60 Minutes" report showed a factory in China making laminate flooring for Lumber Liquidators that was deliberately mislabeled to show that it complied with California regulations when it did not.
The report centered on elevated levels of formaldehyde, a known carcinogen, in Lumber Liquidators laminate flooring products sold in California.
(Excerpt) Read more at businessinsider.com ...
Hmmm. Now I know where I can get some cheap flooring!
They got clobbered and their CEO didn’t really know how to respond.
Sounds like it is soaked in formaldehyde, dangerous stuff.
I saw the 60 minutes bit. The Lumber Liquidators CEO was supposedly being told (for the first time) that the products were being mislabeled. He did not seem surprised and outraged in a way that convinced me he didn’t know. I think he’s “in on it”.
On another note: It was reported the other day that 85% of the vaccines sold in America are now made in China. Thank you US government.
Ha...The Lumber Liquidators....just got liquidated
>>Now I know where I can get some cheap flooring!<<
Don’t you mean “cheap frooling?”
LUMBER LIQUIDATORS... THE WORST COMPANY EVER!
Wasn’t there a similar stink a couple of years ago concerning formaldehyde in Chinese-made drywall?
When will they ever learn?
Meryl Streep and Alar (60-minutes, also).
Damaged apple growers significantly.
Growers brought suit, but case was moved from Yakima to Spokane (as I recall), and they lost.
So I hold back judgement on anything 60-Minutes says. Actually, “Don’t Trust, wait for verification.”
I thought that was high sulfur content.
The data on formaldehyde/cancer link is not impressive...http://www.cancer.gov/cancertopics/causes-prevention/risk-factors/cancer-causing-substances/formaldehyde/formaldehyde-fact-sheet
Yep, and the drywall was going for repairs for Katrina.
Could also be a case of the company not paying their tribute to the DNC for the month.
Scratching my head over the formaldehyde hysteria. Particle board and MDF both use substantial amounts, and they are the primary materials used in a fair amount of laminated/veneered furniture.
There was a kitchen countertop manufacturer in Seattle that had a big stack of “defect” wood out back north of Boeing Field. It made heavy particle board countertops with formica skins. Some of it was double thickness (over two inches thick). My house had baseboard heating. I bought a wood burning stove in 1981 and had an old table saw. For about a decade I used that stuff exclusively to heat my home. I finally got a gas forced air system as I acquired the income. Also got a gas dryer. Saved a ton of money, though.
Only had a few chimney fires and it became my primary method of keeping it clean.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.