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Lumber Liquidators Holdings Inc (NYSE: LL) shares are down significantly in Thursday's pre-market after the company announced a series of management changes.
According to a press release, Robert Lynch "unexpectedly notified" the company of his resignation as President and CEO. It was not reported when this notification was given to the company.
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Lumber Liquidators said it plans to hold a "national search" for Lynch's replacement, and in the interim, founder Tom Sullivan will serve as acting CEO. John Presley has also been named non-executive chairman of the Board, effective immediately; Lynch resigned as a director as well.
Lumber Liquidators shares have been nearly cut in half since a damning 60 Minutes episode revealed alleged safety concerns about its products.
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Were These Analysts Right?
More recently, Cantor Fitzgerald downgraded the stock to Hold and lowered its price target to $26 on May 19. "We believe there are too many regulatory and legal risks at this juncture to justify a BUY rating...We don't think LL's business model is broken, and we continue to believe its value proposition and broad assortment will drive a sales recovery and market share gains over the long term."
Analyst Laura Champine added, "We think the overall negative PR continues to gain momentum."
In a separate note from Oppenheimer a week earlier, the firm said the Street was "too optimistic" on the stock, and predicted Lumber Liquidators shares would trade down to the low- to mid-20s "before setting up for a prolonged move higher."
Shares of Lumber Liquidators last traded at $21.28, down ~16 percent pre-market. At one point, shares traded down nearly 24 percent before rebounding.
In a comment to Benzinga, short-seller Whitney Tilson said he is preparing a statement.
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.