WAYNE, Pa., March 2, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Lumber Liquidators Holdings, Inc. ("Lumber Liquidators" or the "Company") (NYSE: LL).
Lumber Liquidators shareholders who purchased Lumber Liquidators shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at [email protected] to learn more about this investigation or visit: www.rmclasslaw.com/cases/ll.
Lumber Liquidators is a multi-channel specialty retailer of hardwood flooring, and hardwood flooring enhancements and accessories, operating as a single business segment.
On February 25, 2015, the Company announced 2014 fourth quarter earnings results that were less than expectations. In conjunction with this news, the Company also announced that the U.S. Department of Justice may file criminal charges as a result of an inquiry that began in 2013 for violations of import laws. The Company expects to be charged with either a misdemeanor or felony. As a result, shares of Lumber Liquidators fell $18.15 per share, or over 26%, to close at $50.63 per share.
Then, on Sunday, March 1, 2015, 60 Minutes aired a news program presenting evidence that Lumber Liquidators had sold laminate flooring made in China that contained formaldehyde levels that exceeded California health standards. The investigation, which used undercover reporters and hidden cameras, found that flooring that was billed as meeting California health and safety standards did not meet such standards. Indeed, video showed managers at three Chinese factories admitting to using false labeling that made it look like the products met regulations. Lumber Liquidators shares plunged as much as 26% as a result.
60 Minutes also said it tested flooring from China that was being sold in several states outside of California, including Virginia, Florida, Texas and New York. Of the 31 products tested, only one would have been legal in California, the show found.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/ll or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [email protected]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/ll
[email protected]
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SOURCE Ryan & Maniskas, LLP
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