Poison floor event, CEO resigns

Posted in Wrestling Forums by meishengchao at 03:08, Feb 22 2016

America's largest solid wood flooring suppliers Lumber Liquidators (stock code: LL) recently deteriorating situation. On Thursday, the company issued a press release, saying that "accident notified Robert M. Lynch resigned as president and CEO." After the announcement, the company's share price following leading composite decking and composite railing manufacture the February "poison floor event" after falling 20% ​​in the disc before trading fell to $ 18. Lumber Liquidators in a news bulletin announced that the Board of Directors accepted the resignation of Lynch, founder of the company and the appointment of Thomas D. Sullivan as acting CEO.

Meanwhile, the company plans in the country, looking for the right person to take over Lynch. Lumber Liquidators of lead independent director John M. Presley, has been appointed as non-executive chairman.ruff stuff paneling Sullivan said, "I'm so proud of LL team, and look forward to working with them in the most favorable price for our customers with the best wood floor, as the company was founded 20 years since we have done the same." after the announcement,anti-fungus wooden plank singapore Lumber Liquidators share price fell sharply. Up to now, the company's shares have fallen nearly 70% from the beginning of this year, compared with a record high in November 2013 decreased by more than 80%. Wall Street knowledge have reported that the end of February, the US CBS news program "60 Minutes" exposure, Lumber Liquidators flooring sales in China exceeded carcinogen formaldehyde content.

After just a few days, the company's shares plunged 60%, its stock has been the target of short sellers. "Poison floor incident" prompted the US Consumer Product Safety Commission (CPSC) to investigate, Lumber Liquidators is facing more than 100 class-action lawsuit accusing them of false advertising and breach of warranty.stamped concrete pool deck "Wall Street Journal" reported two weeks ago, Lumber Liquidators, said China has made under all laminate flooring frame, and commissioned a former Federal Bureau of Investigation (FBI) Director of the company's procurement procedures to be reviewed.