Lumber Liquidators pulls Chinese-made laminate flooring

Lumber Liquidators Holdings Inc. is pulling all of its Chinese-made laminate flooring and has brought on a former FBI director to review its sourcing procedures amid widespread concern over the safety of its products.

The company's moves are perhaps the most significant since a CBS “60 Minutes” segment that aired over two months ago alleged it sold Chinese-made laminate flooring that contained levels of formaldehyde, according to the Wall Street Journal.

In the wake of the report, Lumber Liquidators' stock has tumbled. It's also being investigated by the U.S. Consumer Product Safety Commission and faces more than 100 lawsuits seeking class-action status, alleging violations ranging from breach of warranty to false advertising.

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