Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Lumber Liquidators Holdings, Inc. ("Lumber Liquidators" or the "Company") LL.
On June 20, 2013, SeekingAlpha.com published a report that alleged that the Company was selling hardwood flooring products that potentially contained illegal levels of formaldehyde, a known carcinogen. On this news, Lumber Liquidators' stock price dropped from the June 19, 2013 close of $86.03 to $82.16 on June 20, 2013 on unusually heavy trading volume. On June 21, 2013, the Company's stock price dropped further to close at $76.63, for a total two-day drop of approximately 11%.
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