An investigation for current long-term investors in Lumber Liquidators Holdings Inc (NYSE:LL) shares over potential wrongdoing by certain directors at Lumber Liquidators Holdings Inc was announced.
San Diego, CA -- (SBWIRE) -- 06/01/2015 -- An investigation for investors, who currently hold NYSE:LL shares long-term, is ongoing whether certain Lumber Liquidators Holdings officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Investors who purchased shares of Lumber Liquidators Holdings Inc (NYSE:LL) in 2013 or earlier and currently hold any of those NYSE:LL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Lumber Liquidators Holdings Inc (NYSE:LL officers and directors can be held responsible for damages investors in NYSE:LL suffered.
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. Among other things, 60 minutes said it conducted an 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. Through April 27, 2015, 103 pending purported class action cases that have been filed against Lumber Liquidators Holdings Inc since March 3, 2015 in various U.S. federal district courts and state courts relating to its laminate flooring manufactured in China.
On April 29, 2015, Lumber Liquidators Holdings Inc reported its first quarter 2015 financial results and issued its company outlook for the second quarter 2015. Among other things, Lumber Liquidators Holdings Inc also announced that the Company and Daniel E. Terrell have agreed that Mr. Terrell's role as the Company's Chief Financial Officer will terminate effective June 1, 2015. Lumber Liquidators Holdings Inc also disclosed that the Department of Justice indicated that it is seeking criminal charges under the Lacey Act for importing Chinese wood products made from illegally harvested trees that allegedly came from Russia's far eastern forests.
On May 21, 2015, Lumber Liquidators Holdings Inc announced that Robert M. Lynch notified the Company of his resignation as the Company's President and Chief Executive Officer.
Shares of Lumber Liquidators Holdings Inc (NYSE:LL) declined from as high as $119.44 per share in November 2013 to as low as $20.55 per share on May 22, 2015.
Those who purchased shares of Lumber Liquidators Holdings Inc (NYSE:LL), have certain options and should contact the Shareholders Foundation.
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