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July 9, 2014
16:23 EDTLLLumber Liquidators lowers FY14 outlook
News For LL From The Last 14 Days
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October 8, 2015
09:51 EDTLLLumber Liquidators trades higher after settlement
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06:22 EDTLLLumber Liquidators volatility elevated into settlement
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05:58 EDTLLOptions expected to be active: EMC VMW IBM HPQ ORCL AA DB LL
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October 7, 2015
19:16 EDTLLOn The Fly: After Hours Movers
UP AFTER EARNINGS: Mistras Group (MG), up 16.3%. HIGHER: Lumber Liquidators (LL), up 11% after announcing a settlement related to the Lacey Act investigation... Chemours (CC), up 2.3% after Bloomberg reported that Apollo Global Management may be exploring a buyout of the company... Nivalis Therapeutics (NVLS), up 16.2% after reporting topline Phase 1b data on N91115 for cystic fibrosis... Zumiez (ZUMZ), up 3.8% after reporting September net sales. DOWN AFTER EARNINGS: Deutsche Bank (DB), down 6.5%. ALSO LOWER: Cardiovascular Systems (CSII), down 15.8% after providing first quarter guidance... Ocean Rig UDW (ORIG), down 11.1% after receiving notice of a material breach for the Ocean Rig Mylos contract... Newtek Business Services (NEWT), down 3.4% after filing to sell 2M shares of common stock.
16:34 EDTLLLumber Liquidators up 13% after settlement related to Lacey Act investigation
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16:30 EDTLLLumber Liquidators announces settlement related to Lacey Act investigation
Lumber Liquidators announced a settlement with the Environment and Natural Resources Division of the Department of Justice, or DOJ, related to the company's compliance with the Lacey Act. This concludes the DOJ's inquiry launched in 2013, which primarily related to certain foreign suppliers harvesting more timber than their permits allowed in foreign jurisdictions, such as Eastern Russia, and the company's importation of flooring products made from this timber. This matter focused on some of the company's hardwood flooring purchase orders and import declarations made concerning the origin of the timber of those orders. Lumber Liquidators fully cooperated with federal authorities and is continuing to make significant enhancements to its sourcing and compliance practices. This settlement is unrelated to current California Air Resources Board, or CARB, related claims around certain Lumber Liquidators products. As part of the settlement, Lumber Liquidators has agreed to plead guilty to violations of a Customs law and the Lacey Act, and pay a combined total of $10.0M in fines, community service payments and forfeited proceeds. The payments include a $7.8M fine, community service contributions of $880,825 and $350,000 to the National Fish and Wildlife Foundation and the Rhinoceros and Tiger Conservation fund, respectively, and a $969,175 forfeiture payment. The company reserved for this amount in Q1. The agreement includes four misdemeanor due care violations of the Lacey Act and a single felony charge for entry of goods by means of false statements. These violations, including the Class E felony, do not require the company to have acted with a deliberate or willful intent to violate the law, and the company did not stipulate that it acted with such a deliberate or willful intent. Lumber Liquidators also has agreed to implement an Environmental Compliance Plan to ensure future compliance with the Lacey Act. In addition, as previously disclosed, the company determined in Q2 that there were Lacey Act compliance concerns related to a limited amount of its engineered hardwood flooring. As a result, the company suspended sales of approximately $4.1M of this product pending further investigation, and brought this matter to the attention of the DOJ. During its investigation, the company determined that there were no compliance concerns with respect to approximately $0.9M of the suspended engineered hardwood flooring. As part of the agreement with the DOJ, the company also reached a settlement with the DOJ related to the remaining $3.2M of suspended engineered hardwood flooring. In the settlement, the DOJ will accept a $3.2M payment in lieu of a civil forfeiture of this product, and the company will be permitted to sell the suspended engineered hardwood flooring and retain any proceeds of the sale. The company reserved for the payment in Q2. Both the $10.0M payment related to the 2013 inquiry and the $3.2M payment in lieu of civil forfeiture, which remain subject to court approval, will be paid in various phases over the next two years. The company does not believe the settlement or related payments will impact its ability to borrow under its asset-based revolving credit facility. The company is continuing to cooperate with other agencies, including the Consumer Product Safety Commission, CARB, SEC and U.S. Attorney's Office for the Eastern District of Virginia, with respect to additional ongoing inquiries and legal proceedings unrelated to the announced settlement.
October 2, 2015
14:54 EDTLLLumber Liquidators November elevated at 104
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10:10 EDTLLOptions with increasing implied volatility
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