Lumber Liquidators stock falls - The HuntingPA.com Outdoor Community
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post #1 of 18 (permalink) Old 03-03-2015, 11:06 AM Thread Starter
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Lumber Liquidators stock falls

Lumber Liquidators shares got smoked on Monday after a report aired on "60 Minutes" Sunday night that showed major issues at some of the company's factories in China.
On Monday, shares of the company fell 25% to close at $38.83. Over the five trading days, shares of the company are down more than 40%.

At the opening bell on Monday, shares of the company were halted ahead of an announcement from the company regarding the "60 Minutes" report.

The "60 Minutes" report showed a factory in China making laminate flooring for Lumber Liquidators that was deliberately mislabeled to show that it complied with California regulations when it did not.

The report centered on elevated levels of formaldehyde, a known carcinogen, in Lumber Liquidators laminate flooring products sold in California. The company said "60 Minutes" used an improper testing method to find its results.

"60 Minutes" spoke to plaintiffs in a lawsuit that accuses Lumber Liquidators of selling laminate products in California with formaldehyde levels that exceed that state's standards by six or seven times, and the news program noted the state's standards were set to be adopted nationwide later this year.

Lumber Liquidators, which saw its stock nearly double in 2013 and has seen shares fall more than 50% since the beginning of 2014, said on its earnings conference call last week that the coming "60 Minutes" report was likely to be tough on the company. Lumber Liquidators shares fell about 20% last week.

On its earnings call, CEO Robert Lynch said, "We now believe the news program '60 Minutes' will feature our company in an unfavorable light with regard to our sourcing and product quality, specifically related to laminates."

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post #2 of 18 (permalink) Old 03-03-2015, 09:20 PM
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Re: Lumber Liquidators stock falls

Why is this on Hunting PA?
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post #3 of 18 (permalink) Old 03-03-2015, 09:35 PM
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Re: Lumber Liquidators stock falls

Im glad it is this was the first place I heard about it.
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post #4 of 18 (permalink) Old 03-03-2015, 10:08 PM
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Re: Lumber Liquidators stock falls

Quote:
Originally Posted by DoubleGobble
Why is this on Hunting PA?
So that no one will use it in their hunting camp, as you continue to be a member you will notice several helpful tidbits addressed here from time to time..
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post #5 of 18 (permalink) Old 03-05-2015, 12:43 AM
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Re: Lumber Liquidators stock falls

The stock fell on the other thread too.

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post #6 of 18 (permalink) Old 03-05-2015, 01:22 AM
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Re: Lumber Liquidators stock falls

Formaldehyde is used as an embalming fluid. So if I do my camp with their flooring, I can just leave my game in the cabin and it will be preserved when i get back. Saves me on taxidermy costs!!

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post #7 of 18 (permalink) Old 03-05-2015, 09:21 AM
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Re: Lumber Liquidators stock falls

Formaldehyde is also found in pressboard cabinets and doors. Since California is so whacky, the fact that they may have missed compliance with a standard only applicable to CA doesn't concern me. Nearly everything we buy has a label on it stating that "it causes cancer in CA" but apparently not anywhere else. The beer and food consumed at camps will take us out of this world long before flooring will (unless the flooring is used to beat you to death).
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post #8 of 18 (permalink) Old 03-05-2015, 09:30 AM
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Re: Lumber Liquidators stock falls

Quote:
Originally Posted by Doubledog
Formaldehyde is also found in pressboard cabinets and doors. Since California is so whacky, the fact that they may have missed compliance with a standard only applicable to CA doesn't concern me. Nearly everything we buy has a label on it stating that "it causes cancer in CA" but apparently not anywhere else. The beer and food consumed at camps will take us out of this world long before flooring will (unless the flooring is used to beat you to death).
i guess i am the odd ball here. i like to grind up my flooring into fine particulates and breath it in after placing it in a brown paper lunch bag

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post #9 of 18 (permalink) Old 03-05-2015, 09:50 AM
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Re: Lumber Liquidators stock falls

It that a Nickel Bag?

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post #10 of 18 (permalink) Old 03-05-2015, 11:05 AM
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Re: Lumber Liquidators stock falls

You can't buy a lunch bag for a nickel anymore. LOL. Glad it was posted. I try to stay away from anything coming in from China anymore. Food products especially. There is not enough oversight on imported products anymore. Buying something imported is like paying another country to take our jobs. Everyone needs to pay attention to buying American made products.
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