Lumber Liquidators is surging
Shares of Lumber Liquidators climbed more than 9% on Friday afternoon.
In a quarterly filing with the SEC on Friday, hedge fund Tiger Management disclosed that it took a new position in the hardwood flooring retailer of 238,000 shares.
The stock is down 79% for the year, following an episode of "60 Minutes" in March that showed that the company's laminate flooring sourced in China contained excessive levels of formaldehyde. The company is the subject of a federal investigation and has since pulled the flooring from shelves.
CBS is rerunning the episode on Sunday.
Earlier this month, the company reported a second-quarter loss. It noted that its net sales are still being slammed by "unfavorable allegations".
Here's a five-day chart showing the pop in shares on Friday:
