Lumber Liquidators management may sue 60 Minutes for libel. The move, says Fox News, which broke the story, is being buttressed by the Consumer Products Safety Commission's decision to use so-called "non-destructive" testing of the firm's flooring for excessive levels of formaldehyde.
60 Minutes reported March 1 that said the wood flooring company was selling laminate flooring in California that exceeded CARB rules for formaldehyde content. Charges of alleged LACEY act import violations were also recounted.
Separate investigations are being launched by the China Forest Products Industry Association and the U.S. Consumer Product Safety Commission into claims that Lumber Liquidators' Chinese manufactured laminate flooring is unsafe due to high levels of formaldehyde
|China Forest Group Investigates Lumber Liquidators, So Does CPSC||Lumber Liquidators Offers Laminate Floor Testing, and Some Replacements|
emission. Fox News says profits from trades on the decline in Lumber Liquidators' stock price - the company is listed on the New York Stock Exchange - may be motivating fund managers to publicize negative views of the flooring giant.
Lumber Liquidators, meanwhile, issued a statement underscoring its economic importance to its home state. Based in Toana, VA, Lumber Liquidators is completing a multi-million dollar warehouse consolidation, and expanding finishing operations.
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