Lumber Liquidators is facing federal criminal charges and more than 100 lawsuits over claims that it sold toxic flooring to customers, the company said Wednesday.
{mosads}The Department of Justice is seeking criminal charges against Lumber Liquidators after a CBS “60 Minutes” investigation revealed the company was selling Chinese laminate flooring containing high levels of formaldehyde, a carcinogen, according to news reports.
Customers have also filed more than 100 lawsuits against Lumber Liquidators over the allegations.
Sock in the Toano, Va.-based company has plummeted to a little more than $26 a share since late February, shortly before the revelations, when shares were valued at close to $70.
The company’s stock dropped even further, by another 20 percent, Wednesday following news of the Justice Department’s criminal investigation.