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The U.S. Consumer Product Safety Commission said Thursday that Lumber Liquidators has agreed to not sell its existing inventory of Chinese-made laminate flooring.
Lumber Liquidators has struggled to convince customers that its flooring is safe after hedge fund manager Whitney Tilson told CBS' "60 Minutes" about the levels of formaldehyde in the company's Chinese-made flooring that didn't comply with California's health and safety standards. Tilson covered his short in December, after explaining that he received information that the company may not have known it was selling laminate with elevated levels of formaldehyde.
The company has previously said it hasn't sold its Chinese-sourced laminate since May of last year and that it has taken "meaningful steps" to boost compliance and reestablish trust. The CPSC said Thursday that the company won't be able to sell, dispose or transfer the inventory in the future without the commissions approval.
The settlement with CPSC removes another big headache for the company and comes a month after it reached a potential settlement to resolve a securities class action lawsuit brought by shareholders, Reuters reported.
Lumber Liquidators also spent millions settling with the California Air Resources Board as well as on lawsuits, apart from tightening its compliance policy on product sourcing and ramping up marketing efforts, Reuters said.
Shares of Lumber Liquidators spiked 13 percent in after-hours trading.
The company will also continue its voluntary program to test for formaldehyde emissions in consumers' homes. For consumers where an elevated level of formaldehyde is detected, Lumber Liquidators said it will provide the required remediation.
-Reuters contributed to this article