http://www.arb.ca.gov/html/fact_sheets/composite_wood_flooring_faq.pdf, California Privacy/Information We Collect. Lumber Liquidators founder and Chairman Tom Sullivan said in an interview with "60 Minutes" that the company is not required by law to test its finished products like "60 Minutes" did. Shares of home furnishing retailer, Lumber Liquidators Holdings, Inc. (LL) were down 25.1% yesterday after a news report, aired on 60 minutes, accused the company of selling toxic flooring products. The report said that the labs found that Lumber Liquidators' U.S.-made laminate flooring had acceptable levels of formaldehyde, but every sample of its Chinese-made laminate flooring failed to meet California formaldehyde emissions standards. [Manager: This is a best-seller for Lumber Liquidators. Earlier this month, the flooring retailer Lumber Liquidators got the kind of attention companies dread. Lumber liquidators one of the largest flooring companies in america knew that its largest chinese supplier had failed third party formaldehyde emissions testing the sec said the sec s order. And we don't get the price by skimping on anything. They have flooring that they think is making them sick. The California Air Resources Board has updated information for consumers. Lumber Liquidators also said the U.S. Department of Justice may seek criminal charges against the company under an Act aimed at curbing illegal harvest of tropical hardwoods. Market data provided by ICE Data Services. It's not CARB 2. The 60 Minutes story on Lumber Liquidators that led to a $36 million settlement. We get the price by low overhead, huge volume and being very efficient at what we do. Tilson suspected the company might be breaking the law. For more on the tests used to investigate Lumber Liquidators, click here. Formaldehyde is believed to be a cancer-causing chemical. The story suggests that a substantial portion of the laminated wood flooring made in China emits formaldehyde at a level that exceeds the California Environmental Protection Agency Standards. It is illegal to sell these boxes of wood in California. Anderson Cooper, anchor of CNN's "Anderson Cooper 360," has contributed to 60 Minutes since 2006. Lumber Liquidators stock rebounded Thursday after CEO Rob Lynch defended the company and its products to investors -- but he also made a surprising admission.. And we're never gonna sell something unsafe. Anderson Cooper: You want the company to remove all the flooring? With over 400 locations across 47 states, as well as Canada, you're sure to find a location near you. CBS's "60 Minutes" The alleged results of the test were deeply concerning. SUBMIT . Tom Sullivan: But our specs are to make it to California standards. Last week, 60 Minutes reported on high levels of formaldehyde found in tested samples of laminate flooring made in China and sold by Lumber Liquidators. "We stand by every single plank of wood and laminate we sell all around the country," the company added. Anderson Cooper: That sounds like a huge amount. Also since then, the chief executive officer resigned and the chief financial officer was replaced. Congress adopted California's limits when it passed the Formaldehyde Standards Act in 2010. Help . Air Date: Aug 14, 2015 Browse over 400 high-quality floors at amazing prices or use our suite of online tools to simplify your project and find that perfect floor. [Investigator: All this stuff here, Lumber Liquidators... All their labeling is CARB 2 right? The company may not … Help . Because formaldehyde can cause myeloid leukemia and nasopharyngeal cancer at high levels and respiratory issues as well as eye, nose and throat irritation at even low levels, California has strict standards for how much of the chemical the core boards in laminate flooring can emit. Tom Sullivan: But it started with short sellers. We hope that they will not sell these products anywhere in the nation, because they are above the health-based standards the state law has set. It turns out of the 31 samples of Chinese-made laminate flooring, only one was compliant with formaldehyde emissions standards. 60 Minutes Screenshot Lumber Liquidators founder Tom Sullivan. If you are experiencing problems, please describe them. Drury and Larson, who are backed by short sellers -- a group of Wall Street investors who are betting the company is overvalued -- have sued Lumber Liquidators, accusing them of violating California's toxic warning statute. Find the best deals at Lumber Liquidators to boost savings bestly when you order on Lumber Liquidators online HotDeals is the best opion for you to find this wonderful offer. Tom Sullivan: People have different reasons for this test. The most recent 60 minutes episode that aired March 1 st, 2015, for which the link is posted below, brings to light the depth of deception and fraud that is being committed by Lumber Liquidators on a daily basis. Posing as buyers, and using hidden cameras, the investigators visited three different mills that manufacture laminates for Lumber Liquidators. This footage was recorded by investigators hired by 60 Minutes. Last month Lumber Liquidators announced that it invested in a wood products quality testing lab that is housed within its new distribution center outside Richmond, Virginia. Tom Sullivan: We will do whatever the regulations are. That's the threat. Lumber Liquidators plans to offer customers free air quality tests after a "60 Minutes" report alleged the retailer’s hardwood flooring contains cancer-causing formaldehyde. Offering hard-hitting investigative reports, interviews, feature segments, and profiles of people in the news, the CBS News magazine has been the number-one program a record five times. Lumber Liquidators said in the filing that it will continue to communicate with the Justice Department "regarding its intentions and possible courses of action in this matter.". Lumber Liquidators just released a statement in a filing with the SEC responding to a "60 Minutes" report that aired Sunday night. Richard Drury: The average level in Lumber Liquidators products that we found was over six to seven times above the state standard for formaldehyde. Whitney Tilson: The much bigger story, he said is that Lumber Liquidators was almost certainly purchasing formaldehyde-tainted laminated flooring in China. By. Denny Larson: They don't know what to do. Anderson Cooper: Would you want that in your home? In addition, "60 Minutes" bought 31 boxes of Lumber Liquidators' Chinese-made laminate flooring at stores in Virginia, Florida, Texas, Illinois and New York to see how those tested. Player Help | All Access Help. Air Date: Aug 14, 2015 Multiple state and federal investigations are under way by agencies including the Consumer Product Safety Commission, the California Air Resources Board, and the Department of Justice. The laminated top, which covers the core board, keeps most of the formaldehyde emissions trapped inside. Mar 2, 2015 In light of Sunday night’s 60 Minutes episode featuring Lumber Liquidators Holdings, Inc. (“the Company”), the Company is providing the following statement: “Lumber Liquidators is a leader in safety, as evidenced by our track record of providing our wide range of products to two million satisfied customers across America. Anderson Cooper: Nobody's ever reported this to you? Anderson Cooper: Which in a business with these kinds of profit margins - 10 percent means - it's a lot of money? Whitney Tilson: The answer is greed. It's just the price issue. The laminated top, which covers the core board, keeps most of the formaldehyde emissions trapped inside. Use the form below to send us your comments. . If there is anything going on, we will stop it immediately. The laminated top, which covers the core board, keeps most of the formaldehyde emissions trapped inside. The shares were down 22.28 percent, or $11.55, at $40.31 in late-morning trading. Manager: Yes, you can. He has shorted the company's stock but is not involved in any lawsuit against it. 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