WAYNE, Pa., March 12, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed against certain officers of Lumber Liquidators Holdings, Inc. ("Lumber Liquidators" or the "Company") (NYSE: LL).
Lumber Liquidators shareholders who purchased Lumber Liquidators shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at [email protected] to learn more about this investigation or visit: www.rmclasslaw.com/cases/ll.
Lumber Liquidators is a multi-channel specialty retailer of hardwood flooring, and hardwood flooring enhancements and accessories, operating as a single business segment.
According to the lawsuit, Lumber Liquidators and its senior executives made fraudulent and misleading statements violating federal securities laws.
On September 27, 2013, the Wall Street Journal reported that federal authorities from the U.S. Justice Department and Department of Homeland Security executed search warrants and raided two of the Company's facilities in Virginia. As a result of the raids, Lumber Liquidators revealed to the public that the Department of Justice is taking into consideration filing criminal charges against Lumber Liquidators for violating certain provisions of the Lacey Act which bans the import and trade of illegally sourced wood products. Shortly after the raids were announced, Lumber Liquidators' stock price dropped 9.3%.
On March 1, 2015, 60 Minutes and reporter Anderson Cooper released a report on television that alleged that Lumber Liquidators concealed the fact that certain laminate flooring contained levels of formaldehyde 13 times higher than the safe and legal emission levels. Formaldehyde, a colorless and odorless chemical compound, has been traced to causing myeloid leukemia and other cancers at high levels. According to the 60 Minute report, many of Lumber Liquidators' products were fraudulently mislabeled as being "compliant" legal standards but were not.
As a result of the 60 Minutes report, Lumber Liquidators' share price fell 25% on high volume on March 2, 2015, causing millions in investor losses.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/ll or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [email protected]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/ll
[email protected]
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SOURCE Ryan & Maniskas, LLP
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