Lumber Liquidators, on the heels of a federal probe and allegations that its laminate wood flooring from China contains high levels of formaldehyde, is facing an onslaught of legal action, including a class-action lawsuit.
Goodfellow Inc. (TSE:GDL), a re-manufacturer and distributor of lumber and hardwood flooring, reported net earnings of $2.1 million (Cad) on consolidated sales of $134.0 million for its third quarter ended May 31.
An investigation was announced on behalf of investors who currently hold shares of Lumber Liquidators Holdings Inc (NYSE:LL) over potential breaches of fiduciary duties by certain officers and directors of Lumber Liquidators Holdings Inc that caused damages to the company and NYSE:LL stockholders.
Lumber Liquidators said it will invest more than $60 million to expand its corporate and manufacturing operations, including its Bellawood hardwood flooring finishing facility.
Lumber Liquidators (NYSE: LL), the largest specialty retailer of hardwood flooring in North America, continues to support visually-impaired children and adults via National Braille Press, a non-profit Boston-based publishing house. Since 2006, Lumber Liquidators has donated more than $850,000 to help the organization sustain its mission.