March 2, 2015
Securities Class Action Lawsuit Against Lumber Liquidators
Gilman Law LLP is pursuing a securities class action lawsuit against Lumber Liquidators Holdings, Inc. (“Lumber Liquidators” or the “Company”) and certain officers and/or directors of the Company.
According to a filing in the U.S. District Court for the Eastern District of Virginia (No. 4:13-cv-00157) (“Virginia Case”) on behalf of all persons or entities who purchased or otherwise acquired Lumber Liquidators common stock (NYSE:LL) between February 22, 2012 and July 9, 2014, certain false and/or misleading statements were made by Lumber Liquidators in violation of federal law.
According to Lumber Liquidators’ website, the Company is headquartered in Toano, Virginia, has stores in 46 states, and is the nation’s largest retailer of hardwood flooring.
The Virginia Case against Lumber Liquidators is generally focused on two key areas of alleged misconduct. First, the plaintiff alleges that Lumber Liquidators made false and/or misleading statements and/or failed to disclose that certain of Lumber Liquidators’ products did not comply with applicable laws and regulations pertaining to formaldehyde emissions from composite wood products.
Second, the Wall Street Journal previously reported, and the Company confirms in its securities filings, that federal authorities, including agents from the Department of Homeland Security Investigations and the Department of Justice, executed search warrants at the headquarters of Lumber Liquidators on September 26, 2013 looking for information relating to the importation of certain of its wood flooring products. The Virginia Case alleges that Lumber Liquidators violated the Lacey Act, which bans the import and trade of illegally sourced wood products. The Company notes in a recent securities filing that the Department of Justice is contemplating seeking criminal charges against Lumber Liquidators under the Lacey Act.
On March 1, 2015, 60 Minutes ran a story focusing on the excessive formaldehyde levels contained in certain laminate flooring Lumber Liquidators purchased from manufacturers in China. As reported by 60 Minutes, certain of those manufacturers admitted that certain flooring manufactured for Lumber Liquidators was not CARB Phase 2 compliant even though it was labeled as such. CARB Phase 2 compliant refers to compliance with certain California formaldehyde emissions standards.
If you are an investor who purchased Lumber Liquidators common stock on or after January 1, 2011, and continues to hold any of the stock purchased as of the present date, and suffered a loss or would like more information concerning Lumber Liquidators’ products, then please contact Gilman Law LLP today, at 1-888-252-0048 or www.investment-losses.com, to ensure your legal rights are not forfeited.
About Gilman Law LLP
Gilman Law LLP, a leading financial law firm, has been recognized for delivering successful results to their clients across a broad range of claims stemming from securities class actions and derivative actions to consumer product injury lawsuits. For over 40 years, the Gilman Law LLP team of highly experienced lawyers has earned renown for tireless work on behalf of their clients on many of today’s most challenging and important legal issues.
Contact: Kenneth G. Gilman