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 ...
Don’t worry radon neutralizes formaldehyde.
Exactly the dose makes the poison and the low level exposure from these products is not going to do jack.
There is not a lot of difference between the Democrat Party and organized crime, except that the latter is less hypocritical about their shakedowns.
COMCAST——... THE WORST COMPANY EVER!
I believe you are close to the mark.
Lumber Liquidators advertises on Rush and Howie Carr.
I bought about 2000 sq ft of bellawood brazilian teak from them.
GREAT floors!
Most of the environmental formaldehyde toxins “outgas” while waiting to be shipped, or sitting on store shelves. Wonder why Lowe’s, Home Depot etc have that odd smell...part of is the workers...lol JK...its the offgassing of product. By the time it enters your home, the levels are very very low. CARB standards are ridiculously stringent like everything else in CA.
LOL
For many companies, not doing so is corporate suicide. Apple's earnings spiked right after it moved its Mac assembly lines to China. It has stopped assembling its products stateside. If your logo is on the end product, the trick is to conduct random audits without forewarning. But that's true even if you're manufacturing stateside. Some manufacturers went overboard in their cost-cutting, perhaps figuring that they could cut back on both auditing and labor costs. The ones that did not have had few issues. Dell assembled PC's from Chinese-made parts at inception, but gradually moved all assembly to China while becoming the biggest PC maker in the world.
They put it in your body after you're dead, so it can't be too dangerous.
American manufacturing is doing great...on foreign soil.
Multi-million dollar homes in FL, too.
Bull crap. Apple would still be making billions if all of it's manufacturing were performed in the USA. The amount of labor per phone is about 16 dollars. if made in the USA it would be 4x times that or 64 dollars. That is 64 dollars on a 800 dollar phone.
Apple Inc earned gross margins of 49 to 58 percent on its U.S. iPhone sales between April 2010 and the end of March 2012.
RE: LUMBER LIQUIDATORS... THE WORST COMPANY EVER!
You mean they had this reputation before this recent news hit?
Yeah....and the leaking water/sewer plastic pipes from China....a few years back.
LOL, where is that from?
I read somewhere that the Lumber Liquidators company are BIG supporters of the DNC so maybe you are right.
Good thing these guys got on the stick to warn us............about a Conservative company and a brand new issue! I remember the hoopla over formaldehyde and mobile homes decades ago.
Most likely Apple couldn’t build a plant in America if they wanted to. The battery manufacturing would be harder to get through than the XL pipeline.
Pray America is waking
R U kidding, these lunatic e cars manufactures are building huge lithium batteries in the USA. Tesla moved batteries from Thailand to CA of all places. Don’t know how they got permission to do that.
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