The shareholders in a class action suit against Lumber Liquidators Holdings Inc. have asked a Virginia federal court to approve a $45 million settlement of their claims based on the company having misled investors concerning its importation of cheap products that used illegally harvested wood from China. The settlement would consist of $26 million in cash and 1 million shares of stock. The investors claimed the value of their shares dropped sharply when it was discovered the company was selling flooring made of illegally harvested and chemically contaminated wood. The investors told the court that the cash portion of the settlement represents all of the company’s remaining insurance coverage.
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