SAN DIEGO, March 9, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed by two purchasers of Lumber Liquidators' product that was manufactured in China, labeled as being CARB compliant and that was of the type found to have formaldehyde levels that exceed CARB limits.
Investors who purchased shares of Lumber Liquidators Holdings Inc (NYSE:LL) long-term and continue to hold any of those NYSE: LL shares and California consumers who purchased Lumber Liquidators' Chinese-made flooring products, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On February 25, 2015, Lumber Liquidators announced its financial results for the fourth quarter of 2014, which fell short of its previously issued guidance for net sales and earnings per diluted share. Among other things, Lumber Liquidators said that the Department of Justice indicated that it may file criminal charges stemming from a violation of import laws.
On March 1, 2015, a report by 60 Minutes alleged Lumber Liquidators sold and installed Chinese-made laminate flooring that contains far higher-than-accepted levels of formaldehyde, a chemical known to cause cancer.
On March 5, 2015, two consumers who purchased and installed Lumber Liquidators Chinese-made flooring product filed a lawsuit. The plaintiffs allege that for nearly two years, and possibly longer, Lumber Liquidators has known that flooring products it has manufactured in China that is intended to be used in people's homes emit unsafe levels of formaldehyde and that nonetheless, Lumber Liquidators has continued to specifically and allegedly falsely label these products as being compliant with all CARB formaldehyde standards.
The plaintiff claims that from October 2013 through November 2014, accredited laboratories tested the formaldehyde emissions of laminate wood flooring from several nationwide retail outlets and that of the dozens of products tested, by far the highest formaldehyde levels were found in the laminate wood flooring sold by Lumber Liquidators that was produced in China.
The plaintiff says that in 2014 and early 2015, 60 Minutes conducted an independent investigation into Lumber Liquidators' Chinese-made flooring products and of the 31 samples, only one was compliant with CARB formaldehyde emissions standards and some were more than 13 times over the California limit.
Those who currently hold long-term Lumber Liquidators Holdings Inc (NYSE:LL) shares should contact the Shareholders Foundation, Inc at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.