Lumber Liquidators Flooring Exposed By 60 Minutes - Stock Crushed - Politics OK

Discussion in 'The Howard Stern Show' started by BethSucks, Mar 2, 2015.

  1. BethSucks

    BethSucks Well-Known Member Staff Member

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    Lumber Liquidators stock pummeled after '60 Minutes' probe
    [​IMG]
    The stock tumbled Wednesday after the CEO warned of the "60 Minutes" report.
    A report on CBS' "60 Minutes" has knocked the floor out from under Lumber Liquidators.
    The report by CNN's Anderson Cooper revealed Chinese-manufactured laminate flooring sold by the company contains high levels of the cancer-causing chemical formaldehyde.

    Lumber Liquidators (LL) plunged more than 25% by mid-morning Monday. Earlier the stock was halted from trading.

    That's after the stock lost more than a quarter of its value -- 26% -- last Wednesday when the CEO warned investors of an upcoming report on the show that would portray the company "in an unfavorable light."

    Lumber Liquidators has 352 stores in the U.S. and Canada.

    The '60 Minutes' report cited lab tests performed for an environmental and consumer protection nonprofit that found some samples of laminate flooring contained very high levels of the chemical.

    Some pieces had six to seven times the level of formaldehyde allowed under California law, according to environmental attorney Richard Drury, who was interviewed by "60 Minutes." Others had 20 times the limit.

    A doctor told CBS long-term exposure to chemicals at those levels "would increase the risk for chronic respiratory irritation, change in a person's lung function, increased risk of asthma" and be especially dangerous for children.

    The suspect flooring is in "hundreds of thousands" of homes nationwide, according to Drury.

    Some investors, like the well-known hedge fund manager Whitney Tilson, have bet against the company's stock. So they stand to profit when the stock price falls.

    "In 16 years of professional money management, I've seen hundreds of companies do all sorts of bad things to get their stock prices up. But this has got to be the worst," Tilson told "60 Minutes."

    Lumber Liquidators responded to the report Monday, saying that it is "a leader in safety."

    "We comply with applicable regulations regarding our products, including California standards for formaldehyde emissions for composite wood products -- the most stringent rules in the country," the company said in a statement said. "We stand by every single plank of wood and laminate we sell all around the country."

    The company claimed its critics are greedy investors seeking to make money off of the company's misfortune.

    Lumber Liquidators' products have long been viewed skeptically by environmentalists. It has been accused of illegally sourcing wood, and those accusations may be behind a 2013 raid on its headquarters.

    CNNMoney (New York) March 2, 2015: 11:25 AM ET
     
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  2. reno

    reno VIP Extreme Gold

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    Cheap Chinese crap. I guess you get what you pay for. It's getting harder and harder to find anything that wasn't made in China.
     
  3. Nikki

    Nikki growing a tail

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    I wonder how many lawsuits will be filed now by people who have these products installed in their homes.
     
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  4. Scutaro

    Scutaro Pretenama

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    God damn it! I just put 800 sq feet of LL laminate flooring in my basement last month.
     
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  5. R.P. McMurphy

    R.P. McMurphy Well-Known Member

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    ...fuck those slant eyed cocksuckers! they killed my daughters beautiful german sheppard with their fucking beneful dog food. i hope an earthquake devestates that shithole and american retailers wise the fuck up and use american companies to get your product. fucking assholes i hope their stock is worth a nickle by the end of the day.
     
  6. DuckDong

    DuckDong VIP Extreme Gold

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    This is the correct response , they are going to have to chapter 11 to escape the lawsuits.

    I sell a consumer related product and we cover our ass six ways from Sunday in fear of CA class action suits
     
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  7. BrulesRules

    BrulesRules Just grab 'em in the biscuits Gold

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    :owned:
     
  8. Scutaro

    Scutaro Pretenama

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    Lungs are overrated anyway.
     
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  9. HooHoo

    HooHoo Well-Known Member

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    you're going to wake up one morning looking like that baby in your avatar.
     
  10. Divorce Chicken

    Divorce Chicken white punk on dope VIP

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    What's this Fred?
    Lumber Liquidators!
    Ah yes, Lumber Liquidators! I love these guys!
     
  11. Ronniecheated

    Ronniecheated Well-Known Member

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    Great now when are they going to shut down this outfit? [​IMG]
     
  12. ZosoHitler

    ZosoHitler VIP Extreme Gold

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    Rip that shit outta there pronto.
     
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  13. Murcielago

    Murcielago Smoke me a kipper, I'll be back for breakfast

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    Read Poorly Made in China by Paul Midler, Central American drug cartels have higher ethical standards than Chinese manufacturers.
     
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  14. StRyDeRxX

    StRyDeRxX Bling Bling Gold

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    The biggest scam artist in town!
     
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  15. StRyDeRxX

    StRyDeRxX Bling Bling Gold

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    Sup Zoso!! :hw:
     
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  16. scoobyla

    scoobyla Well-Known Member

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    if i may make a suggestion to the talented and brilliant op/mod,
    maybe a "P" at end of thread title. if no p no politics
     
  17. HS Cult Leader

    HS Cult Leader Elite Member Gold

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    This reminds me of my asshole sister-in-law, she was insulting our kids doctor (whom we recommended) and said she wants to find another doctor because he wouldn't prescribe any medication for her daughter that she felt was always having breathing problems. So I asked if she had checked the environment for anything that she might be sensitive to?? She had no idea what I was talking about, so we asked her if she's noticed mold in her apartment? She lost it! She got all worked up and insulted and said who do we think she is? She's not dirty, she cleans her apartment!! My wife said NO! The mold could be in the walls and you don't know, but there might be traces, she didn't want to hear anymore!

    We went to her place a few weeks later, and the moment we walked in the door, we could smell this toxic plastic smell. I walked over and saw that she had made a play area for her brat with a few of those cheap Chinese Yoga mats with a thin blanket covering them. :facepalm:
     
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  18. ZosoHitler

    ZosoHitler VIP Extreme Gold

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    Hey Stryder!! Cool to see you!!

    [​IMG]
     
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  19. BethSucks

    BethSucks Well-Known Member Staff Member

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    Would make sense, but within no time Dawg and I would get the PM's from the usual suspects who's eyes burned as their vag's got sandy from reading something that displeased them because they didn't understand the P system.
     
  20. EvolvedMarbles

    EvolvedMarbles Well-Known Member

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    My floor gave me cancer

    GOT A GREAT PRICE!
     
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