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Lumber Liquidators Holdings Inc (NYSE: LL) shares have tumbled again, as the U.S. Senate is also looking at the company closely.
U.S. Senator Bill Nelson has reportedly urged three federal agencies, the Consumer Product Safety Commission (CPSC), the Centers for Disease Control and Prevention (CDC) and the Federal Trade Commission (FTC) to test the company's flooring.
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Related Link: 8 Damning Quotes From The 60 Minutes Exposé On Lumber Liquidators
The senator is the leading Democrat in the Senate Committee on Commerce, Science and Transportation. As such, he sent a letter on Wednesday asking the aforementioned federal agencies to investigate if the laminate flooring sold by Lumber Liquidators (imported from China) poses any health risks to consumers. He also requested for the organizations to investigate if the company had made false marketing claims.
In his letter, Nelson asked "that the CPSC, in collaboration with the Centers for Disease Control's Agency for Toxic Substances and Disease Registry and the EPA, replicate the cooperative, inter-agency initiative that tested defective Chinese drywall."
Shares of Lumber Liquidators recently traded at $36.40, down 10.8 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.