NEW YORK (AP) — Federal regulators are closing an investigation of Lumber Liquidators after the company agreed not to resume sales of Chinese-made laminate flooring.
Shares of Lumber Liquidators Holdings Inc. soared 9 percent at the open of trading Friday.
The Toano, Virginia, company stopped selling the Chinese-made laminate flooring last year, a couple of months after a news report on “60 Minutes” said it contained high levels of the carcinogen formaldehyde.
The U.S. Consumer Production Safety Commission says Lumber Liquidators has agreed to continue to test the air quality of homes for people that bought the floors. The company will pay for removal of floors or any other changes needed if a home has high levels of formaldehyde.
The CPSC says 614,000 people bought the laminate flooring from 2011 to 2015.