TOANO, Va. — Flooring retail giant Lumber Liquidators will pay $33 million for misleading its investors about a dangerous amount of formaldehyde in one of its products, according to CBS News.
According to report, formaldehyde is found in it's Chinese-made laminate flooring. A probe on '60 Minutes' into the company found the chemical is linked to an increased risk for cancer and respiratory issues.
The '60 Minutes' probe found the retailer's suppliers did not comply with regulations regarding formaldehyde emissions.
Following the March 1 report, Lumber Liquidators released a statement denying the allegations in the story.
CBS News says the company did comply with the federal government's probe into the company. The company also replaced its top executives in the aftermath of the '60 Minutes' report.
According to CBS News, shares of the company were going as high as $114.19 in October of 2013, a year and a half before the '60 Minutes' story aired. On Tuesday afternoon, the shares sold for as low as $11.11
