Lumber Liquidators Plunges After U.S. Raids Offices
Lumber Liquidators Holdings Inc. (LL), the hardwood flooring retailer, fell the most in 19 months in New York trading after announcing that federal officials had executed search warrants at its offices in Virginia.
The searches by U.S. Immigration and Customs Enforcement and the Fish and Wildlife Service were related to importation of wood-flooring products, the Toano, Virginia-based company said in a statement today.
Lumber Liquidators plunged 9.3 percent to $102.49 at 11:44 a.m. in New York after dropping as much as 13 percent, the biggest intraday decline since February 2012.
WWBT-TV, a Richmond, Virginia, NBC station, said on its website that the raid was related to the importation of protected wood from the habitat of the Siberian tiger. The wood originates in Russia and is processed in China, and government agents suspect it was declared as coming from other countries, the station reported, without saying how it got the information.
Representatives of ICE, Fish and Wildlife and the U.S. Attorney’s Office in Alexandria, Virginia, didn’t immediately respond to e-mails and phone calls seeking comment on the raid.
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