Following reports that Lumber Liquidators (Toano, Va.) knowingly sold products harvested from protected forests in Russia as well as products with excessively high levels of formaldehyde, two more law firms have filed class action suits against the company, according to PR Newswire and the Wall Street Journal.
Following reports that Lumber Liquidators (Toano, Va.) knowingly sold products harvested from protected forests in Russia as well as products with excessively high levels of formaldehyde, two more law firms have filed class action suits against the company, according to PR Newswire and the Wall Street Journal.
Both Bernstein Liebhard LLP and Pomerantz, Grossman, Hufford, Dahlstrom & Gross LLP are filing suits on behalf of all people or entities who bought Limber Liquidators securities between Feb 22, 2012, and Nov. 21, 2013.
Both suits allege, much like those before them, that the defendants made false or misleading statements and failed to disclose that certain of the company's products failed to comply with applicable laws and regulations governing formaldehyde emissions from composite wood products; that the company imported flooring products sourced from illegally logged wood in the Russian Far East in violation of the Lacey Act; that as a result of the foregoing violations, the company faces the risk of large fines, penalties, forfeitures, judgments or settlements in connection with government regulatory actions or consumer class actions; and that as a result, the company's statements were materially false and misleading.
