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A heated debate between the CBS program “60 Minutes” and the well-known flooring company Lumber Liquidators has ensued following an episode of the Sunday-night television show.
The CBS report claims Lumber Liquidators sold laminate flooring with higher levels of formaldehyde than permitted by California’s health and safety standards. In the aftermath of the report, the flooring company has made several statements about its safety policies.
Lumber Liquidators emphasizes the company complies with regulations of products and it believes “60 Minutes” used an improper testing method.
“These attacks are driven by a small group of short-selling investors who are working together for the sole purpose of making money by lowering our stock price,” the company says in a statement.
While Lumber Liquidators denies the claims made, Whitney Tilson, founder and managing partner of Kase Capital Management who brought the story to the CBS program, stands by the story.
“Lumber Liquidators appears to have come up with its own testing protocol… so they’re the ones who are doing the bogus testing,” Tilson says in the CNBC article.
Shares of Lumber Liquidators fell 24 percent last week as news of the upcoming program was shared, and on Monday, March 2, it fell more than 25 percent, the CNBC article states.
Click the link to read the full article by CNBC.
