Lumber Liquidators agreed to pay $33 million in penalties for misleading investors about formaldehyde in its laminate flooring products, the SEC announced
In early 2015, Lumber Liquidators made false public statements in response to a "60 Minutes" report that showed undercover video of the company's suppliers saying that they provided Lumber Liquidators with products that did not meet regulatory standards, the SEC said.Lumber Liquidators told investors that third-party test results of its flooring products proved that it was compliant with formaldehyde emissions standards.
"Pressured by negative publicity, Lumber Liquidators misled investors about its product testing and regulatory compliance programs," said Marc Berger, director of the SEC's New York Regional Office. Read MoreThe 2015"60 Minutes" report and subsequent investigations caused Lumber Liquidators' sales to plunge. Its CEO also resigned amid criticism. The company eventually halted the sale of the flooring sourced from China.
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