Big Law

Lumber Liquidators to pay $33M for securities fraud

Lumber Liquidators Holdings, Inc. will pay $33 million for a false statement to investors in regards to the sale of laminate flooring from China to U.S. customers.

Lumber Liquidators knowingly filed a false statement to investors broadly denying the allegations featured in a March 2015 episode of 60 Minutes.

“Lumber Liquidators lied to investors and to the public about its compliance with formaldehyde regulations for the flooring it sold – all to protect its stock price,” said Brian A. Benczkowski, Assistant Attorney General of the Justice Department’s Criminal Division. “False and misleading financial reports undermine the integrity of our securities markets and harm investors.

Read the source article at nbc12.com

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