Press release from Business Wire
Lieff Cabraser Reminds Lumber Liquidators Holdings, Inc. Investors of Upcoming Deadline in Class Action Litigation – LL
Friday, December 20, 2013
Lieff Cabraser Reminds Lumber Liquidators Holdings, Inc. Investors of Upcoming Deadline in Class Action Litigation – LL15:49 EST Friday, December 20, 2013
SAN FRANCISCO (Business Wire) -- Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the January 27, 2014 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of purchasers of the securities of Lumber Liquidators Holdings, Inc. (“Lumber Liquidators” or the “Company”) (NYSE: LL) between February 22, 2012 and November 21, 2013, inclusive (the “Class Period”).
If you purchased the securities of Lumber Liquidators during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 27, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Lumber Liquidators investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1 800 541-7358.
Lumber Liquidators, headquartered in Toano, Virginia, is a specialty retailer of hardwood flooring and hardwood flooring enhancements and accessories.
The Complaint alleges that defendants made false and/or misleading statements throughout the Class Period, as well as failed to disclose material adverse facts about the Lumber Liquidators' business, operations, and prospects, including: (1) certain of the Company's products failed to comply with applicable laws and regulations governing formaldehyde emissions from composite wood products; and (2) the Company imported flooring products sourced from illegally logged wood in the Russian Far East.
On June 20, 2013, SeekingAlpha.com reported that tests of one of Lumber Liquidators' branded wood flooring products found their formaldehyde emissions were over 3.5 times the legal limit. On this news, the Company's share price fell $9.40 over two trading sessions, to close at $76.63 on June 21, 2013.
On September 26, 2013, three U.S. government agencies executed sealed search warrants at the Company's corporate offices, in connection with the importation of certain wood products. On this news, Lumber Liquidators' share price fell $5.83 per share, to close at $107.13 on September 27, 2013.
On November 21, 2013, hedge fund manager Whitney Tilson contended that the Company was only able to maintain its huge margins as a result of importing illegal timber from Russia. On this news, Lumber Liquidators' share price fell $13.55 per share, to close at $101.81 on November 22, 2013.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
Lieff Cabraser Heimann & Bernstein, LLP
(for Media Inquiries Only)
Sharon M. Lee, 415-956-1000