Eyes on Lumber Liquidators Holdings Inc (LL) After ’60 Minutes’ Report

Lumber Liquidators Holdings Inc (NYSE:LL) stock plummeted on Monday following a 60 Minutes report.

lumber-liquidators-60-minutes-llThe 60 Minutes report on Lumber Liquidators revealed that some of the company’s laminate floors that were made in China contained high levels of formaldehyde, which can cause cancer. Some floors that were tested for the chemical had amounts that were seven times as high as what California law allows and other pieces were 20 times more toxic than what’s allowed, reports CNNMoney.

Lumber Liquidators has 352 stores across the United States and Canada. Its floors can be found in hundreds of thousands of homes. Exposure to the formaldehyde can cause a series of health issues to occur. Children are likely to be more affected by the chemical than adults, CNNMoney notes.

According to the Washington Post, laminate floors from Lumber Liquidators that were made in the US had acceptable levels of formaldehyde in them. The company protected itself from the negative claims by saying that it wasn’t legally required to test its floors in the same way that 60 Minutes did.

LL shares were down 22% as of Monday morning.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/03/lumber-liquidators-60-minutes-ll/.

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