Lumber Liquidators shares were set to tumble on Monday after a revised U.S. federal agency report showed people exposed to some types of the company's laminate flooring were three times more likely to get cancer than previously estimated.
The Centers for Disease Control and Prevention (CDC) said on Feb. 18 it estimated the risk of cancer was six-30 cases per 100,000 people, compared with the two-nine cases it had estimated in a Feb. 10 report. The CDC said the revised results were preliminary.
Lumber Liquidators' shares were set to open more than 15 percent lower on Monday, which would be the stock's biggest intraday percentage drop in six months. (Get the latest quote here.)
The CDC said it had used an incorrect value to calculate ceiling height, which meant its estimates of the airborne concentration of cancer-causing formaldehyde were about three times lower than they should have been.