|[December 07, 2013]
Lieff Cabraser Announces Class Action Litigation Against Lumber Liquidators Holdings, Inc. - LL
SAN FRANCISCO --(Business Wire)--
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that
class action litigation has been brought on behalf of purchasers of the
securities of Lumber Liquidators Holdings, Inc. ("Lumber Liquidators" or
the "Company") (NYSE:LL) between February 22, 2012 and November 21,
2013, inclusive (the "Class Period").
If you purchased the securities of Lumber Liquidators during the Class
Period, you may move the Court for appointment as lead plaintiff by no
later than January 27, 2014. A lead plaintiff is a representative party
who acts on behalf of other class members in directing the litigation.
Your share of any recovery in the action will not be affected by your
decision of whether to seek appointment as lead plaintiff. You may
retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Liquidators investors who wish to learn more about the action and how to
seek appointment as lead plaintiff should click here or contact
Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Lumber Liquidators Securities
Lumber Liquidators, headquartered in Toano, Virginia, is a multi-channel
specialty retailer of hardwood flooring and hardwood flooring
enhancements and accessories, operating as a single business segment.
The Complaint alleges that throughout the Class Period, defendants made
false and/or misleading statements, as well as failed to disclose
material adverse facts about the Company's business, operations, and
prospects. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (1) certain of the Company's
products failed to comply with applicable laws and regulations governing
formaldehyde emissions from composite wood products; (2) the Company
imported flooring products sourced from illegally logged wood in the
Russian Far East in violation of the Lacey Act; (3) as a result of the
foregoing violations, the Company faces the risk of large fines,
penalties, forfeitures, judgments and/or settlements in connection with
government regulatory actions and/or consumer class actions; and (4) as
a result of the foregoing, the Company's statements were materially
false and misleading at all relevant times.
On June 20, 2013, SeekingAlpha.com published an article alleging, among
other things, that tests of one of Lumber Liquidators' branded wood
flooring products (imported from China and sold in California) at two
independent accredited laboratories found that formaldehyde emissions
from the tested product were over 3.5 times the maximum legal limit,
despite the fact that the product was labeled as compliant with
California Air Resources Board (News - Alert) regulations. On this news, Lumber
Liquidators' share price fell $9.40 over the course of two trading
sessions, or nearly 11%, from a closing price of $86.03 on June 19,
2013, to close at $76.63 per share on June 21, 2013.
On September 26, 2013, the Department of Homeland Security, the U.S.
Fish and Wild Life Service, and the Department of Justice executed
sealed search warrants at the Company's corporate offices, in connection
with the importation of certain wood products. On this news, Lumber
Liquidators' share price declined $5.83 per share, or more than 5%, from
a closing price of $112.96 on September 26, 2013, to close at $107.13
per share on September 27, 2013.
On November 21, 2013, hedge fund manager Whitney Tilson criticized the
Company for importing illegally sourced timber from Russia. Mr. Tilson
explained that the Company was only able to maintain its huge margins as
a result of importing illegal timber. On this news, the Company's share
price fell $13.55 per share, or nearly 12%, from a closing price of
$115.36 per share on November 21, 2013, to close at $101.81 per share on
November 22, 2013.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, and Nashville, is a nationally recognized law firm committed
to advancing the rights of investors and promoting corporate
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs' law firms in the nation. In compiling the
list, the National Law Journal examined recent verdicts and
settlements in addition to overall track records. Lieff Cabraser is one
of only two plaintiffs' law firms in the United States to receive this
honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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