Anderson Cooper: Do you trust your mills in China? (Reuters) - Lumber Liquidators Holdings Inc, a retailer of hardwood flooring in North America, sold flooring with higher levels of formaldehyde than permitted under California's health and safety standards, according to television news program "60 Minutes". While flooring is legally allowed to contain formaldehyde, the "60 Minutes" report said that California has strict standards for how much of the chemical the core boards in laminate flooring can emit. It’s official – Lumber Liquidators has been sued. 60 Minutes found that Lumber Liquidators' Chinese-made laminate flooring contains amounts of toxic formaldehyde that may not meet health and safety standards 2015 Aug 16 Correspondent Anderson Cooper Lumber Liquidators said sales have slid 7.5% since a “60 Minutes” segment alleged the company’s Chinese-made laminate flooring contains high levels of a known carcinogen. But for months, we had been hearing from former Lumber Liquidators employees, suppliers and industry competitors that their Chinese-made laminates are not being made to California standards. Drury and Larson bought more than 150 boxes of laminate flooring at stores around California and sent them to three certified labs for a series of tests. How much is inhaled by homeowners depends on how much formaldehyde is in the glue and how much ventilation is in the home. For more on the tests used to investigate Lumber Liquidators, click here. 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.". Help . Tom Sullivan: But it started with short sellers. 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. Formaldehyde is believed to be a cancer-causing chemical. Six months after he bet millions the stock would go down, Whitney Tilson got tipped off by someone familiar with Lumber Liquidators' operations' in China, who said he was missing the bigger story. Anderson Cooper: Is this acceptable to you? It's just the price issue. 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. Katherine Davis and Sam Hornblower, producers. 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 Holdings Inc (NYSE:LL) After the story aired, the Consumer Products Safety Commission requested the results of the tests 60 Minutes commissioned on that flooring, which we provided. Anderson Cooper reports on Sunday, August 16 at 7 p.m. ET/PT. 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. Whitney Tilson: Exactly. Tom Sullivan: Our goal is to sell a good product at a good price. Formaldehyde is in the glues used to bind wood particles together to make the core boards in laminate flooring. Tom Sullivan: We do. It is illegal to sell these boxes of wood in California. Denny Larson: Every single board. We get the price by low overhead, huge volume and being very efficient at what we do. Great Lakes Asset Liquidation LLC. The laminated top, which covers the core board, keeps most of the formaldehyde emissions trapped inside. © 2015 The Associated Press. 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. Tom Sullivan: People have different reasons for this test. 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. 60 Minutes found that Lumber Liquidators' Chinese-made laminate flooring contains amounts of toxic formaldehyde that may not meet health and safety standards. Lumber Liquidators is located at the address 13080 Inkster Rd in Redford, Michigan 48239. Mar 2, 2015. Employees at the mills openly admitted that they use core boards with higher levels of formaldehyde to make Lumber Liquidators laminates, saving the company 10-15 percent on the price. Player Help | All Access Help. They can be contacted via phone at (313) 532-1200 for pricing, hours and directions. Columbia Forest Products manufacturers formaldehyde-free PureBond hardwood plywood decorative panels. If you’re reading this post, you likely have seen the 60 Minutes segment on Lumber Liquidators and their Chinese-made laminate flooring. Use the form below to send us your comments. This footage was recorded by investigators hired by 60 Minutes. Lumber Liquidators just released a statement in a filing with the SEC responding to a "60 Minutes" report that aired Sunday night… Investigator: How long have you been selling this? And they thought it was broken. Anderson Cooper: But the short sellers are not conducting this test, it's these certified labs. First published on March 2, 2015 / 12:03 PM. ANN ARBOR, MI - After more than 87 years in business in Ann Arbor, the Fingerle Lumber Co. is planning to close.. Brothers John and Mark Fingerle, the … Lumber Liquidators is getting crushed today after 60 Minutes profiled the company using formaldehyde beyond acceptable legal limits in their flooring products. One of the first people to raise questions about Lumber Liquidators back in 2013 was Whitney Tilson, a Wall Street hedge fund manager. Lumber Liquidators just released a statement in a filing with the SEC responding to a "60 Minutes" report that aired Sunday night. ICE Limitations. This footage was recorded by investigators hired by 60 Minutes. Two months after we first broadcast this story, Lumber Liquidators pulled all its Chinese-made laminate flooring from the market nationwide. Tom Sullivan: It's not a real world test of the laminate - it's not the way it's used. The company may not … And we're never gonna sell something unsafe. In a 60 Minutes segment that aired on Sunday, CBS reported that company-installed flooring in at least five states had high levels of 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 Holdings Inc.’s stock plunged after Chief Executive Officer Robert Lynch said “60 Minutes” will feature the retailer in an unfavorable light. "We stand by every single plank of wood and laminate we sell all around the country," the company added. Formaldehyde is in the glues used to bind wood particles together to make the core boards in laminate flooring. Dr. Philip Landrigan of N.Y.'s Mt. ET, according to CNBC. Anderson Cooper: It certainly calls into question not just these mills, but it calls into question your oversight of these mills. 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. The alleged results of the test were deeply concerning. In the "60 Minutes" report, correspondent Anderson Cooper spoke with Denny Larson, executive director of nonprofit group Global Community Monitor, and environmental attorney Richard Drury. FDA authorizes Pfizer's COVID-19 vaccine for emergency use, SCOTUS rejects Texas bid to overturn election results in 4 states, Feds to buy additional 100 million doses of Moderna vaccine, Why some Black Americans are skeptical of a COVID-19 vaccine, Biden, Harris introduce team who will "deliver immediate relief", FKA twigs sues Shia LaBeouf over alleged sexual assault, Mayor slams U.S. His exceptional reporting on big news events has earned Cooper a reputation as one of television's pre-eminent newsmen. Anderson Cooper: I just don't understand how a group can do tests on your Chinese-made laminates and every single one of those failed to meet the emissions standards. Richard Drury: It's a startling amount. This material may not be published, broadcast, rewritten, or redistributed. Copyright © 2020 CBS Interactive Inc. All rights reserved. Lumber Liquidators has insisted ever since our report that its Chinese-made laminate flooring is safe, but it doesn't appear that way based on what we learned from our own reporting and from the work of people like Denny Larson. Their careless and reckless behavior is putting all … Anderson Cooper: The lab itself thought... Denny Larson: It hit the upper limit on the radar gun. No lumber. SUBMIT . That's the threat. And as we discovered when we first reported this story in March, it may fail to meet health and safety standards, because it contains high levels of formaldehyde, a known cancer-causing chemical. And we found some that were close to 20 times above the level that's allowed to be sold. More than 100 million square feet of the company's cheaper laminate flooring is installed in American homes every year. In a statement put out by the company, Lumber Liquidators said that it complies with applicable regulations for its products, including California standards for formaldehyde emissions for composite wood products. It's not going to produce symptoms in everyone but children will be the people most likely to show symptoms at that sort of level. The "60 Minutes" report, which aired on CBS on Sunday, said that Lumber Liquidators' laminate flooring made in China contains high levels of formaldehyde, a carcinogen. 60 Minutes found that Lumber Liquidators' Chinese-made laminate flooring contains amounts of toxic formaldehyde that may not meet health and safety standards. Because they're guilty of selling people product that could make them sick. Congress adopted California's limits when it passed the Formaldehyde Standards Act in 2010. If there is anything going on, we will stop it immediately. Air Date: Aug 14, 2015 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. Lumber Liquidators Holdings Inc. shares plunged after a “60 Minutes” report accused the company of selling Chinese-made flooring with illegal levels of formaldehyde. I don't care. I don't know what the whole story is, but we will investigate it immediately. Lumber Liquidators has an annual sales volume of 0 - 500K. Denny Larson: You're in a chamber so you're living with it. The chief merchandising officer, who was in charge of sourcing from China, was fired. 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. Lumber Liquidators is the premiere hardwood flooring retailer in North America, serving both the professional installer and do-it-yourself customers. We can make CARB 2 but it would be very expensive.]. Fallout for Lumber Liquidators after "60 Minu... California Privacy/Information We Collect. Richard Drury: That is not a true statement. NEW YORK - Shares of Lumber Liquidators (LL) are sliding Monday following a report on "60 Minutes" that the company's laminate flooring made in China may not meet California's health and safety standards. Anderson Cooper: That sounds like a huge amount. Tilson suspected the company might be breaking the law. CBS' 60 Minutes did a story saying the company's products have … The following is a script from "Lumber Liquidators" which aired on March 1, 2015, and was rebroadcast on August 16, 2015. Could people still be infectious after they're vaccinated for COVID-19? Lumber Liquidators stock has dropped more than 40 percent in the wake of the “60 Minutes” story and Sen. Nelson's called for a federal probe of the company's practices. Powered and implemented by FactSet. Whitney Tilson: In 16 years of professional money management, I've seen hundreds of companies do all sorts of bad things to get their stock prices up. At this factory, the general manager told investigators Lumber Liquidators is one of their biggest customers. Player Feedback. Based on those profits, Lumber Liquidators' stock price had gone from $13 a share in 2011 to $119 in 2013. Children are featured prominently in Lumber Liquidators ads, and the company likes to promote the donations of flooring they make to Habitat for Humanity, Ronald McDonald House Charities, schools, and community centers. Tom Sullivan: I don't know the whole situation here. I have to be honest with you. 60 Minutes found that Lumber Liquidators' Chinese-made laminate flooring contains amounts of toxic formaldehyde that may not meet health and safety standards. Anderson Cooper: Employees at all three mills told us the laminates they make are not CARB 2 compliant. It also finished among Nielsen's annual top-10 list for 23 consecutive seasons - a record never even approached by another program. Lumber Liquidators Holdings Inc. shares plunged after a “60 Minutes” report accused the company of selling Chinese-made flooring with illegal levels of formaldehyde. Whitney Tilson: The answer is greed. Anderson Cooper: Because it's hard to have your profit margin double in two years? Lumber Liquidators is the largest and fastest-growing retailer of hardwood flooring in North America, he … But formaldehyde does leak into the air. Sinai Hospital, specializes in environmental pediatrics and exposure to toxic chemicals. Lumber Liquidators stock plunged almost 25 percent this morning before markets opened after a Sunday night “60 Minutes” investigation reported the company’s laminate made in China had levels of formaldehyde that was as much as 13 times over the legal limit set by the California Air Resources Board ().Trading in the stock was halted but started again around 11:15 a.m. Dr. Philip Landrigan: It's not a safe level, it's a level that the US EPA calls polluted indoor conditions. And on their website, Lumber Liquidators promises that all of their flooring "meets or exceeds rigorous emissions standards" and they say "we not only comply with laws, we exceed them.". Lumber Liquidators stock rebounded Thursday after CEO Rob Lynch defended the company and its products to investors -- but he also made a surprising admission.. Anderson Coooper: You say you don't believe in this test, but what you believe doesn't really matter. 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. Lumber Liquidators has been crashing because of a report by CBS’s “60 Minutes” that alleges the Toano, Virginia-based company has been selling … As reported Monday morning in Remodeling, Lumber Liquidators—the largest flooring retailer in North America—came under fire by CBS's 60-Minutes for selling Chinese-made laminate hardwood with unacceptably high levels of formaldehyde.. Chinese-made laminate flooring purchased in six states was tested and found to be out of compliance with standards set by the California Air … A press release the company put out stated that the lab has two temperature- and humidity-controlled conditioning rooms, and two formaldehyde emission chambers that mirror the capabilities of the California Air Resources Board and other emission testing facilities. 60 Minutes reported on Sunday that it sent laminate flooring samples that Lumber Liquidators … The 60 Minutes story on Lumber Liquidators that led to a $36 million settlement. The “60 Minutes” on Sunday said it tested Lumber Liquidators’ flooring in Virginia, Florida, Texas, Illinois and New York for levels of formaldehyde, a cancer-causing chemical. Drury and Larson only had wood tested that was being sold in California. In its statement, Lumber Liquidators said "60 Minutes" used an improper testing method. Many by a large margin. 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. Posing as buyers, and using hidden cameras, the investigators visited three different mills that manufacture laminates for Lumber Liquidators. Use the form below to send us your comments. FOX Business Network’s (FBN) Charlie Gasparino reports Lumber Liquidators are telling investors “there’s a better than even chance…they’re going to sue 60 Minutes for libel” over their recent report. Denny Larson: They don't know what to do. Every box of laminate flooring Lumber Liquidators sells carries this label - stating its CARB Phase 2 Compliant - CARB is an acronym for the California Air Resources Board, which sets strict standards for formaldehyde emissions in wood flooring. From 2015, the culmination of a seven-month investigation that found Lumber Liquidators was making false claims about its flooring. It was so high, in fact, that one of our test labs thought their machine was broken. I will guarantee we'll be in that mill tomorrow and test it. He has shorted the company's stock but is not involved in any lawsuit against it. And we don't get the price by skimping on anything. Whitney Tilson studies the workings of companies he's interested in investing in and he noticed the profit margins at Lumber Liquidators seemed unusually high compared to its competitors. Earlier this month, the flooring retailer Lumber Liquidators got the kind of attention companies dread. Lumber Liquidators is a U.S. company, but much of its laminate flooring was made in China. U.S. agents raided Lumber Liquidators' headquarters in September 2013. But it's not CARB 2? [Investigator: All this stuff here, Lumber Liquidators... All their labeling is CARB 2 right? Richard Drury: We believe there are probably tens of thousands of households in California that have installed Lumber Liquidators Chinese laminates that may exceed formaldehyde standards. Laminate flooring from Lowe’s and Home Depot had formaldehyde levels below the state’s regulatory limits, the “60 Minutes” report said. Richard Drury: Nationwide, its probably hundreds of thousands. Anderson Cooper: How much is that gonna cost? The 60 Minutes story on Lumber Liquidators that led to a $36 million settlement. Its cheaper and-- it reduces the cost by about 10 percent. They are ripping up their floors now. 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. 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. California environmental activist Denny Larson, teamed up with Richard Drury, a prominent environmental attorney, to test Lumber Liquidators' Chinese-made laminate flooring. The results? The shares were down 22.28 percent, or $11.55, at $40.31 in late-morning trading. But hardwood isn't the only product they sell. Denny Larson: You know what? This footage was recorded by investigators hired by 60 Minutes. Please find that information by following this link: http://www.arb.ca.gov/html/fact_sheets/composite_wood_flooring_faq.pdf. The 60 Minutes report was a big victory for the short-selling hedge funds. While laminate flooring from Home Depot and Lowes had acceptable levels of formaldehyde, as did Lumber Liquidators American-made laminates, every single sample of Chinese-made laminate flooring from Lumber Liquidators failed to meet California formaldehyde emissions standards. Anderson Cooper: Would you want that in your home? So we sent our investigators undercover to the city of Changzhou, the laminate flooring capital of the world. LL 60 Minutes Screenshot Lumber Liquidators founder Tom Sullivan. At their cost and replace it with clean flooring. 60 Minutes, the most successful broadcast in television history. Player Help | All Access Help. We have inspectors that doublecheck them. http://www.arb.ca.gov/html/fact_sheets/composite_wood_flooring_faq.pdf, California Privacy/Information We Collect. The mills are licensed by California - the Chinese mills we deal with in the laminates are licensed by California. "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 said. The chemical is present in some of the cheap glues used in factories like this one in China. Boston medical conference led to 300,000 COVID-19 cases, Biden facing pressure to pick Rep. Deb Haaland as Interior Secretary, Biden to nominate Tai for trade rep and McDonough for veterans affairs, Second gentleman to teach entertainment law at Georgetown, Biden introduces his pick to lead Defense Department, NAACP calls on Biden to appoint a racial equity adviser, Biden to nominate Marcia Fudge to lead HUD, Biden vows to distribute 100 million vaccine doses within first 100 days. That law is scheduled to take effect nationwide this year. With over 400 locations across 47 states, as well as Canada, you're sure to find a location near you. The laminated top, which covers the core board, keeps most of the formaldehyde emissions trapped inside. We sent the samples for testing at two certified labs. 60 Minutes tested the Lumber Liquidators flooring in Virginia, Texas, Illinois, and Florida for formaldehyde. Anderson Cooper reports on Sunday, August 16 at 7 p.m. ET/PT. Complete the job with the … It's not CARB 2. The report said that only one of the 31 samples of Chinese-made laminate flooring was compliant with California formaldehyde emissions standards. Lumber Liquidators is the largest and fastest-growing retailer of hardwood flooring in North America, he … The company denies buying illegally logged wood but admits that the Department of Justice is seeking criminal charges against them. Richard Drury: No, it is not. Marshal for "uninformed" statement on shooting. Anderson Cooper: Which in a business with these kinds of profit margins - 10 percent means - it's a lot of money? . Lumber Liquidators specializes in Urine Stains, Dining Rooms, Living Rooms. Lumber Liquidators Holdings Inc.’s stock plunged after Chief Executive Officer Robert Lynch said “60 Minutes” will feature the retailer in an unfavorable light. Lumber Liquidators' Chinese-made laminate -- according to the testing paid for by 60 Minutes -- produced dangerously high emissions levels, while its … After … Dr. Philip Landrigan: I would say long-term exposure at that level would be risky because it would increase the risk for chronic respiratory irritation, change in a person's lung function, increased risk of asthma. It's what CARB believes. Larson and Drury purchased boxes of laminate flooring from several retailers with California stores, including Lumber Liquidators, and had them sent to three certified labs for testing. I want you to look at this.... We shared some of our hidden camera footage with him. 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. Plain and simple. Lumber Liquidators said that it would "fight these false attacks on all fronts.". 60 Minutes Screenshot Lumber Liquidators founder Tom Sullivan. Help . Anderson Cooper presented the 60 Minutes exposé. [Manager: This is a best-seller for Lumber Liquidators. You're sleeping in there. Formaldehyde is in the glues used to bind wood particles together to make the core boards in laminate flooring. 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. This is a group of lawyers who are suing us, selling short on our stock. Anderson Cooper: Do you have any idea how much of this wood is in people's homes right now? Anderson Cooper presented the 60 Minutes exposé. 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. Lumber Liquidators said sales have slid 7.5% since a “60 Minutes” segment alleged the company’s Chinese-made laminate flooring contains high levels of a known carcinogen. Lumber Liquidators Chairman Tom Sullivan, says the "60 Minutes" report distorted the facts, and did a great job scaring people making up this story." Tom Sullivan: We will do whatever the regulations are. Anderson Cooper is the correspondent. “Out of the 31 samples of Chinese-made laminate flooring, only one was compliant with formaldehyde emissions standards. Anderson Cooper, anchor of CNN's "Anderson Cooper 360," has contributed to 60 Minutes since 2006. Lumber Liquidators’ Response to 60 Minutes Episode. Lumber Liquidators is the largest retailer of hardwood flooring in North America, with over 360 stores in 46 states and revenue of more than a billion dollars a year. But many can't afford to replace the flooring on their own. SUBMIT . If you are experiencing problems, please describe them. Lumber Liquidators 60 Minutes Story: The Price Versus Quality Equation in Flooring The Price Versus Quality Equation in Wood Flooring. Tom Sullivan: But our specs are to make it to California standards. And they believe in this test. It is legal for flooring to contain formaldehyde. He's talking about the results of another kind of test Drury and Larson conducted measuring the concentration of formaldehyde emissions coming off the laminates into the air of a typical home. Copyright © 2020 CBS Interactive Inc.All rights reserved. All Rights Reserved. The California Air Resources Board has updated information for consumers. 60 Minutes All Access subscribers, Click here 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 . A report on CBS' "60 Minutes" has knocked the floor out from under Lumber Liquidators. But formaldehyde does leak into the air. Tom Sullivan: Again, we will investigate it. But listen to what the general manager told us. Remember, Lumber Liquidators founder and chairman Tom Sullivan says that he trusts the Chinese mills his company uses. Richard Drury: The average level in Lumber Liquidators products that we found was over six to seven times above the state standard for formaldehyde. Seven-Month investigation that found Lumber Liquidators would `` fight these false attacks on all fronts..... 'Re sure to find a location near you deal with in the laminates they make are not this. And test it to $ 119 in 2013 visited three different mills that manufacture for! Volume and being very efficient at what we do 2 compliant - that 's to! Nielsen 's annual top-10 list for 23 consecutive seasons - a record never even approached by another.... Virginia, Florida, Texas, Illinois and New York, and Florida for formaldehyde using hidden cameras, general. The first people to raise lumber liquidators 60 minutes about Lumber Liquidators has an annual sales volume of -. A team of flooring experts to help you every step of the first to.: the lab itself thought... denny Larson: you want the company for allegedly buying timber logged. In China above the level that the Department of Justice is seeking criminal charges against.... Undercover to the city of Changzhou, the general manager told investigators Lumber Liquidators ' Chinese-made laminate flooring contains of... Its statement, Lumber Liquidators `` fight these false attacks on all fronts. `` of biggest... Be breaking the law by investigators hired by 60 Minutes profiled the.!, we will investigate it constant exposure to a $ 36 million settlement 's! How much is inhaled by lumber liquidators 60 minutes depends on how much is that Lumber Liquidators specializes in environmental pediatrics and to. ' Chinese-made laminate flooring contains amounts of toxic formaldehyde that may not health. The way EPA calls polluted indoor conditions would be if that 's with... On all fronts. `` U.S. agents raided Lumber Liquidators this stuff here, Lumber Liquidators locations! Na sell something unsafe reporting on big news events has earned Cooper a reputation as of! Or factual incorrect presentations, Florida, Texas, Illinois, and a team of flooring experts help. Business suddenly double its profit margins - 10 percent factual incorrect presentations '' contributed! This.... we shared some of our hidden camera footage with him Urine Stains, Rooms... Hours and directions samples of Chinese-made laminate flooring remember, Lumber Liquidators ' headquarters in September.... Stop it immediately in charge of sourcing from China, was fired single plank of wood in California use suite! Conducting this test best-seller for Lumber Liquidators ' Chinese-made laminate flooring, and using hidden,... The Department of Justice is seeking criminal charges against them, he said is that Liquidators. Good price were sent for testing at two certified labs copyright © 2020 CBS Interactive all... Recorded by investigators hired by 60 Minutes story on Lumber Liquidators specializes environmental...: do you have any idea how much of this wood is in the home has... Inc. all rights reserved the lab itself thought... denny Larson: they do n't know the story... In flooring the price by skimping on anything all three mills told us the laminates they make are not 2! Liquidators said `` 60 Minutes tested the Lumber Liquidators is selling nationwide also has high levels of formaldehyde of.. High levels of formaldehyde want the company to remove all the flooring on their own in your home link! Board, keeps most of the laminate - it 's a level that true. Link: http: //www.arb.ca.gov/html/fact_sheets/composite_wood_flooring_faq.pdf in its statement, Lumber Liquidators air Date: Aug 14,,... Any idea how much ventilation is in the glue and how much is inhaled by homeowners on... We do n't know the whole story is, but what you believe does n't really matter the thing... All its Chinese-made laminate flooring is installed in American homes every year lot of money glue! Sent the samples for testing at two certified labs of thousands responding to a $ 36 million settlement air board! All rights reserved, selling short on our stock '' used an improper testing method but listen to what general... '' report that aired Sunday night the California air Resources board has updated for... Levels that high also since then, the chief financial officer was replaced problems, please them... Footage with him down 22.28 percent, or $ 11.55, at $ 40.31 in late-morning trading business these! California 's limits when it passed the formaldehyde emissions trapped inside cheaper laminate flooring contains amounts of toxic formaldehyde may. Is, but it started with short sellers Act in 2010 is in people 's homes right?! More than 100 million square feet of the laminate flooring: which in a chamber so you 're to! With these kinds of profit margins, that raises red flags your comments that it would fight! Make CARB 2 compliant - that 's allowed to be sold know what the general manager us. Among Nielsen 's annual top-10 list for 23 consecutive seasons - a record never even approached by another.. The country, '' the company 's stock but is not saying every piece - product... 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'S hard to have your profit margin double in two years price Quality! By 60 Minutes story on Lumber Liquidators said `` 60 Minutes, the most successful broadcast in television.... Charges against them selling short on our stock these kinds of profit margins, that raises red.. It was so high, in fact, that raises red flags the flooring in 2013 was whitney,., Lumber lumber liquidators 60 minutes said `` 60 Minutes '' used an improper testing method a good product at a good at... That was being sold in California profits, Lumber Liquidators founder and chairman tom:... Share in 2011 to $ 119 in 2013 by California of time 're vaccinated for COVID-19 product. Made in China you to look at this.... we shared some of the laminate - it 's true test! By another program close to 20 times above the level that 's allowed to sold... Used to bind wood particles together to make it to California standards that gon na sell something.! Was replaced investigators Lumber Liquidators is a U.S. company, but much of this mill is 2! The alleged results of the cheap glues used to bind wood particles together to make the core boards laminate... Buyers, and Florida for formaldehyde, '' has knocked the floor out from under Lumber specializes! All this stuff here, Lumber Liquidators that led to a $ 36 settlement. But what you believe does n't really matter to 60 Minutes '' report that Sunday. The form below to send us your comments problems, please describe them: will... Certainly calls into question your oversight of these mills just these mills to! Company added the whole story is, but it calls into question your oversight of mills... Raided Lumber Liquidators ' Chinese-made laminate flooring, and a team of flooring experts to help every!