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Lumber Liquidators Holdings Inc (NYSE: LL) Investor Securities Class Action Lawsuit 09/17/2014

  • If you purchased shares of Lumber Liquidators Holdings Inc (NYSE: LL), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Lumber Liquidators Holdings Inc
Security
NYSE: LL

Case Name
Lumber Liquidators Shareholder Class Action Lawsuit 09/17/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Virginia

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Summary

September 17, 2014 - An investor in shares of Lumber Liquidators Holdings Inc (NYSE: LL), filed a lawsuit in the U.S. District Court for the Eastern District of Virginia against Lumber Liquidators Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 25, 2013 and July 9, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of Lumber Liquidators Holdings Inc (NYSE: LL) common shares between November 25, 2013 and July 9, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Defendants allegedly misrepresented that quality control requirements implemented by Lumber Liquidators Holdings Inc would neither affect its extensive and diverse supplier network, nor impact its revenue, earnings, or margins, that Lumber Liquidators Holdings Inc allegedly continually touted that it would continue to experience revenue and earnings growth and margin expansion, and that as a result of these alleged misrepresentations, Lumber Liquidators Holdings Inc stock traded at artificially inflated prices between November 25, 2013 and July 9, 2014.

Lumber Liquidators Holdings Inc reported that its Total Revenue rose from $620.28 million in 2010 to over $1 billion in 2013 and that its respective Net Income increased from $26.27 million to $77.39 million. Shares of Lumber Liquidators Holdings Inc (NYSE: LL) rose from $14.62 per share in August 2011 to as high as $119.44 per share in November 2013. Since then NYSE: LL shares declined to $69.90 per share on July 9, 2014.

Then on July 9, 2014, Lumber Liquidators Holdings Inc provided its second quarter 2014 business update and revies its outlook for the fully year 2014. Shares of Lumber Liquidators Holdings Inc dropped from $69.90 per share on July 9, 2014, to $54.31 per share during July 10, 2014, respectively $53.85 per share on July 15, 2014.

On September 17, 2014, Lumber Liquidators Holdings Inc (NYSE: LL) shares closed at $59.99 per share.