Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Virginia on behalf of purchasers of Lumber Liquidators, Inc. (“Lumber Liquidators” or the “Company”) (NYSE: LL) securities during the period between February 22, 2012 and November 21, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Lumber Liquidators, Inc. securities purchased on or after February 22, 2012, and held through any of the revelations of negative information on June 20, 2013, September 26, 2013, and/or November 21, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at
, by email at
, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 27, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that some of the Company’s products failed to comply with applicable laws and regulations governing formaldehyde emissions from composite wood products and that the Company imported flooring products sourced from illegally logged wood in Russia. According to the complaint, following a June 20, 2013 article on SeekingAlpha.com that alleged that testing of Lumber Liquidators’ branded wood products revealed formaldehyde emissions above the legal limit, the September 26, 2013 disclosure that federal agents from the U.S. Department of Justice and other agencies had executed sealed search warrants at Lumber Liquidators’ corporate offices related to the importation of certain wood products, and the November 21, 2013 comments by hedge fund manager, Whitney Tilson, who alleged that the Company was only able to maintain its high margins by importing illegally sourced timber from Russia, the value of Lumber Liquidators shares declined significantly.