Lumber Liquidators Gains Ahead Of Investor Conference

Lumber Liquidators

extended its gains Wednesday in a bear-versus-bull duel in the wake of allegations its products violate environmental standards. The Toano, Virginia company's shares changed hands recently at $33.69, up nearly 14 percent, but still off by more than a third from its level preceding a negative March 1 report by CBS Corp.'s

"60 Minutes" The company plans on Thursday to offer a detailed refutation of allegations that its laminated floor products fail to meet formaldehyde emissions standards imposed by California. The CBS 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 TV 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 ts liquidity is adequate for the foreseeable future. State attorneys general in New York and Connecticut have reportedly opened investigations into Lumber Liquidators following the CBS 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.