LIVE: Lumber Liquidators explains itself
The company won't be taking any questions on this call. They said folks can submit questions after the call that will be addressed later on another call.
Also, shares of Lumber Liquidators have been halted for news pending.
During the first few minutes of the call, CEO Rob Lynch said that they have received the support of many of their customers since the "60 Minutes" report aired. He also said he understands why folks have concerns.
"Our number one priority is to reassure you about the safety of our flooring," Lynch said.
The company said that they "stand behind their products and know they are safe." The company also said that they will also offer free air quality testing to customers who qualify.
Since a troubling "60 Minutes" investigative report on the company aired March 1, shares of Lumber Liquidators have collapsed about 36%.
During their investigation, "60 Minutes" found that Lumber Liquidators appeared to be selling laminate flooring from China with levels of formaldehyde higher than what is permitted under California law. High levels of formaldehyde have been tied to numerous health concerns.
Afterward, Lumber Liquidators in a statement accused "60 Minutes" of using "an improper test method in its reporting." The company also claimed that they are being attacked by a small group of short-sellers.
Hedge fund manager Whitney Tilson, the CEO of Kase Capital, is short Lumber Liquidators. Tilson, who has been short the stock since 2013, is the person who flagged the story for"60 Minutes." He didn't trade in or out of the stock during the course of "60 Minutes" investigation. After the report aired, he added "materially" to his position, which now comprises 3.8% of his overall portfolio.
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