Market Overview

Lumber Liquidators Chairman: 'Not Going To Save 2 Or 3 Cents On Laminate And Ruin The Reputation Of Our Company'


Shares of Lumber Liquidators Holdings Inc (NYSE: LL) have dropped significantly since "60 Minutes" aired the episode of the company flouting safety regulations and hedge fund manager and head of Kase Capital Management Whitney Tilson, announcing that he has increased his short position in the stock.

The company participated in a conference call for investors on Thursday in which it refuted allegations against the accusations.

Founder, former CEO and current Chairman of Lumber Liquidators Tom Sullivan was on CNBC Friday to discuss the allegations against the company.

Related Link: Experts On Lumber Liquidators Call: First Admission Of Guilt?

We Don't Skimp On Product

On how it has been for him since "60 Minutes" aired that story, Sullivan said, "It's been sad for me to see, a good company that was built to be talked about like this and we do – from day one – we have always taken care of our customers, given them a good product at a good price. We don't skimp on the product and our laminate is safe. We are definitely not going to save two or three cents on laminate and ruin the reputation of the company."

Sullivan also revealed that "I have on tape Anderson Cooper admitting that that test is not a ‘real world test' and that it's not part of the regulations on CARB [California Air Resource Board]. We taped that interview as well, and we have that on tape."

Related Link: Piper Jaffray Says Lumber Liquidators Has Calmed Investors' Fears

Suing 60 Minutes And Tilson

Sullivan was asked if he will be suing "60 Minutes" and Whitney Tilson for slander. He replied, "Although it's very possible, but right now, we are working on taking care of our customers and getting this under control."

Posted-In: 60 minutes Anderson Cooper CARB CNBC CNBC Kase Capital Management Whitney Tilson Tom SullivanMedia


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