Lumber Liquidators Gains Ahead Of Investor Conference
Lumber Liquidators Holdings Inc (NYSE: LL) extended its gains Wednesday in a bear-versus-bull duel in the wake of allegations its products violate environmental standards.
The company's shares changed hands recently at $33.84, up 14.4 percent, but still off by more than a third from its level preceding a negative March 1 report by "60 Minutes"
The company on Thursday plans to offer a detailed refutation of allegations that its laminated floor products fail to meet formaldehyde emissions standards imposed by California.
The "60 Minutes" report on the matter was fueled in part by allegations made by Whitney Tilson, who has been prominently pushing a short-seller thesis since last year.
Robert Chapman of Chapman Capital LLC was slated to appear on CNBC Wednesday touting Lumber Liquidators in which he holds a significant long position.
Lumber Liquidators also promises to offer a first-quarter outlook Thursday and explain why its liquidity is adequate for the foreseeable future.
State attorney generals in New York and Connecticut have reportedly opened investigations into Lumber Liquidators following the "60 Minutes" report.
On Tuesday, BlackRock disclosed a substantial increase in its Lumber Liquidators stake to about 10 percent, while short-seller Citron Research advised potential short sellers to be cautious on the shares.
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