Lumber Liquidators Holdings Inc Reach Settlement with California Air Resources Board
Lumber Liquidators Holdings Inc, the hardwood flooring retailer said it had reached a settlement with California's state clean air agency. The California Air Resources Board had initiated an inquiry into the company's laminate flooring products which were sourced from China and allegedly contained excessive levels of formaldehyde which is a well known carcinogen.
In a filing on Tuesday, the company said that the state agency concluded its review without any formal finding of violation by Lumber Liquidators.
Lumber Liquidators shares climbed about 15.6 percent during the morning trading after the company said, to resolve the matter, the company has agreed to pay $2.5 million to the state agency.
After the "60 Minutes" program on CBS cited the agency's March test reports last March citing that the company was supposedly selling flooring with more than permissive levels of formaldehyde. After the reports surfaced, the stock of the company was hurt and so did the sales. Thereafter, the company has the subjected to several investigations and lawsuits.
Last year in May, Lumber Liquidators stopped selling the laminates which were sourced from China. In the last few months it is the second settlement that the company is making with government agencies.
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