Lumber Liquidators Holdings Inc has agreed to pay a $33 million criminal penalty...
FILE PHOTO: A Lumber Liquidators store sign is shown outside one of the companies retail locations in San Diego, California March 2, 2015. REUTERS/Mike Blake
The settlements announced by the U.S. Department of Justice and U.S. Securities and Exchange Commission on Tuesday came four years after Lumber Liquidators was alleged to be selling products with illegally high levels of formaldehyde, a known carcinogen. The hardwood flooring retailer knew that products made by its largest Chinese supplier had failed third-party formaldehyde emissions testing, but the company had misled investors, regulators said.
The amount the company will pay represents Lumber Liquidator’s net profits from the sale of 100 percent of its Chinese laminate from January through May 2015, U.S Attorney’s office said.
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