Robbins Arroyo LLP Is Investigating the Officers and Directors of Lumber Liquidators Holdings, Inc. (LL) on Behalf of Shareholders
Robbins Arroyo LLP is investigating whether certain officers and directors of Lumber Liquidators Holdings, Inc. (NYSE: LL) breached their fiduciary duties to shareholders. Lumber Liquidators is a multi-channel specialty retailer of hardwood flooring, and hardwood flooring enhancements and accessories.
Lumber Liquidators Under Government Investigation
On March 1, 2015, 60 Minutes aired a report outlining health and safety violations by the company. Specifically, the report alleges that Lumber Liquidators has been selling laminate flooring made in China with levels of formaldehyde higher than those allowed under California law, a standard that is set to take effect nationwide later this year. Following the report, Lumber Liquidator shares fell $13.03, or 25%, to close at $38.83 per share on March 2, 2015. This news comes after a February 25, 2015 disclosure by Lumber Liquidators that it is the focus of a government investigation concerning whether the company violated the Lacey Act, which is aimed at curbing illegal harvest of tropical hardwoods, and that it may face related criminal charges by the U.S. Department of Justice.
In light of this news, Robbins Arroyo LLP’s investigation focuses on whether Lumber Liquidators’ board of directors breached its fiduciary duties to shareholders by failing to institute adequate internal controls.
Lumber Liquidators Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.