Lumber Liquidators Pays $33M In DOJ, SEC Securities Cases

By Matthew Guarnaccia (March 12, 2019, 5:34 PM EDT) -- Lumber Liquidators struck a $33 million deal with federal prosecutors and the U.S. Securities and Exchange Commission on Tuesday to resolve allegations that the company lied to investors about its compliance with formaldehyde regulations in relation to laminate wood flooring imported from China.

Lumber Liquidators entered into a deferred prosecution agreement stemming from a criminal complaint, which charged the Toano, Virginia-headquartered company with securities fraud.

According to prosecutors, Lumber Liquidators knowingly issued a false and misleading statement in May 2015 in an effort to push back against a 60 Minutes segment that said the company's laminate wood flooring products failed to meet...

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