RICHMOND, Va. (WAVY) — Toano-based flooring giant Lumber Liquidators has agreed to pay a $33 million penalty to the federal government for securities fraud.
The U.S. Attorney’s Office said the company misled investors about its laminate flooring in a knowingly false statement denying allegations featured in a March 2015 episode of “60 Minutes.”
The company claimed the product was environmentally safe — when in fact, it came from China and did not meet certain standards.
Employees who were involved in the wrong-doing were fired or resigned.
Lumber Liquidators, which is based in Toano, is expected to move its to headquarters to a new facility in Henrico County later this year.