Lumber Liquidators (LL) Up On Settlement News

0
Lumber Liquidators (LL) Up On Settlement News

Lumber Liquidators has settled with California Air Resources Board and investors like that news. Shares of the company are now up 6.57% on the latest development. The company has been under attack including hedge fund manager, Whitney Tilson who says that the firm is selling flooring which causes cancer. See an excerpt from the release below. We expect Whitney Tilson will likely have a response to the latest developments so stay tuned!

Lumber Liquidators

SETTLEMENT AGREEMENT AND RELEASE

On March 18, 2016, Lumber Liquidators Services, LLC (“LL”), a subsidiary of Lumber Liquidators Holdings, Inc. (the “Company”), entered into a Settlement Agreement and Release (the “Settlement Agreement”) with the State of California Air Resources Board (“CARB”) to resolve CARB’s inquiry relating to certain laminate flooring sourced from China sold in the Company’s stores prior to May of 2015. The Settlement Agreement does not constitute an admission of any wrongdoing by LL, the Company or any other entity and provides that CARB releases LL and its related parties from any and all claims that CARB may have pertaining to those products. A copy of the press release announcing the settlement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Khrom Capital killed it during the first quarter, continuing its strong track record; here are their favorite stocks

Khrom Capital was up 32.5% gross and 24.5% net for the first quarter, outperforming the Russell 2000's 21.2% gain and the S&P 500's 6.2% increase. The fund has an annualized return of 21.6% gross and 16.5% net since inception. The total gross return since inception is 1,194%. Q1 2021 hedge fund letters, conferences and more Read More


Under the terms of the Settlement Agreement, LL agreed to pay a total sum of $2.5 million upon execution of the Settlement Agreement. LL also agreed to implement certain voluntary measures, including a risk based supplier audit program and testing research program as described in the Settlement Agreement.

The above description of the Settlement Agreement is not complete and is qualified in its entirety by the terms of the Settlement Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

No posts to display