New York — More shareholders of Lumber Liquidators are lining up to sue the company over alleged false and misleading statements.
Law firm Bernstein Liebhard said it has filed a class action lawsuit in the United States District Court for the Eastern District of Virginia on behalf of shareholders who purchased shares between Feb. 22, 2012, and Nov. 21, 2013. The suit contends, according to a press release, that Lumber Liquidators failed to disclose “material adverse facts” about its business, operations, and prospects.
Specifically, the suit refers to well publicized reports that some Lumber Liquidators products may have more than the legal amount of formaldehyde emissions, and the allegation that some of its products violate the Lacey Act regarding illegally sourced wood.