Securities lawyers at Gilman Law LLP are investigating a securities
class action lawsuit that was filed by an investor against Lumber
Liquidators Holdings Inc. and certain officers and/or directors in the
U.S. District Court for the Eastern District of Virginia (No.
4:13cv00157). The case was filed on behalf of all persons or entities
who purchased or otherwise acquired Lumber Liquidators common stock
(NYSE:LL) between February 22, 2012 and November 21, 2013 (inclusive),
alleging that certain false and/or misleading statements were made by
Lumber Liquidators within said period in violation of federal law.
According to Lumber
Liquidators' website, the company is headquartered in Toano,
Virginia, and has stores in 46 states and over 1000 employees. It is a
national retailer of solid and engineered hardwood, laminate flooring,
bamboo flooring, cork flooring, and resilient vinyl flooring. The
complaint 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. This allegation stems from a June 20, 2013, report on SeekingAlpha.com,
which claimed that Lumber Liquidators was selling imported hardwood
flooring products that contained illegal levels of formaldehyde, which
is a known cancer-causing agent (Complaint, p.3). On this news, the
Complaint contends that Lumber Liquidators' share price declined, over
the course of two trading sessions, $9.40 per share or nearly 11%, to
close at $76.63 per share on June 21, 2013 (Complaint, p.3).
Second, the Wall
Street Journal reported that federal authorities, including agents
from the Department of Homeland Security Investigations and the
Department of Justice, raided the headquarters of Lumber Liquidators on
September 26, 2013. The Wall
Street Journal later reported the agents were looking for imported
wood products from the Russian Far East. Subsequently, on November 21,
2013, a well-known hedge fund manager criticized Lumber Liquidators
Holdings for allegedly importing illegally sourced timber from Russia in
violation of U.S. laws (Complaint, p.5). On this news, the Complaint
contends that Lumber Liquidators' share price fell over $16.07 per
share, or over 13%, to $99.29 per share over two trading sessions.
(Complaint, p. 5).
If you are an investor who purchased or acquired Lumber Liquidators
common stock between February 22, 2012 and November 21, 2013
(inclusive), and suffered a loss or would like more information on this
class action, then please contact Gilman Law LLP today, at 1-888-252-0048
to ensure your legal rights are not forfeited.
About Gilman Law LLP
Gilman Law LLP, a leading financial law firm with offices in Florida and
Massachusetts, 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 34 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
Gilman Law LLP
Kenneth G. Gilman, 1-888-252-0048