FIRST AIRED: May 23, 2017

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00:00:00
lumber liquidators reaching a settlement with the state of California Tuesday over probe claiming the company selling toxic flooring products investors responded by pushing shares up buys much is sixteen percent there is no admission of wrongdoing from the company or formal charges levied by California's clean air agency , settlement does come with a two and a half million dollar price tag resolving this probe without being found guilty of any violations and seen as a victory for lumber liquidators it was California's testing that served as the basis for report on CBS's sixty minutes last all that accuse the company of selling floor materials with excessive levels of formaldehyde a known carcinogen that report set off a chain of investigations and lawsuits scaring off customers resulting in a swing from a full year profit to a fifty six million dollar loss company stopped selling laminate flooring made by a Chinese supplier at the source of the probe back in may two thousand fifteen but the negative after effects still linger an ongoing investigation by the centers for disease control and prevention recently found the flooring in question was three times more likely to cause cancer then first believed