Lumber Liquidators (LL) Continues Tailspin After '60 Minutes' Says Company Sold Illegal Flooring

Lumber Liquidators (NYSE: LL) is continuing last week's sell-off as the expected '60 Minutes' piece packed a punch, noting the company sold illegal flooring.

According to the news report, Lumber Liquidators sold Chinese-made laminate flooring with higher levels of formaldehyde than permitted under California's health and safety standards.

"Lumber Liquidators is a U.S. company, but much of its laminate flooring is made in China, and as we discovered during our investigation, may fail to meet health and safety standards, because it contains high levels of formaldehyde, a known cancer causing chemical," the report said.

Shares of Lumber Liquidators are down 17% in pre-open trading.

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