Tom Sullivan, the chairman and founder of hardwood retailer Lumber Liquidators, told CNBC’s Scott Wapner that he was “dying” to buy the stock after it tumbled following a “60 Minutes” report.
Sullivan explained that he couldn’t purchase shares of Lumber Liquidators because he’s in a black-out period. He later said that he will “look at the stock” after the quarter.
Shares of Lumber Liquidators have fallen more than 35% since “60 Minutes” aired a troubling report on March 1. The stock was last off by about 7.5%.
The “60 Minutes” investigation found that Lumber Liquidators appears to be selling laminate flooring manufactured in China with levels of formaldehyde higher than what’s permitted under California law.
Lumber Liquidators said they sell a safe product that complies with regulations.
Sullivan also told CNBC that “60 Minutes” did a “great job scaring people.”
During the CNBC interview, Sullivan said that he’s considering possible legal action against “60 Minutes” and Whitney Tilson, the hedge fund manager who’s short the stock and gave the story tip to CBS.
Here’s a chart of how Lumber Liquidators has traded since the beginning of March:
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