It’s amazing what a poorly researched 60 Minutes hit piece can do to a stock, like Lumber Liquidators (LL).
No one bothered to notice the attorneys that were “allegedly” backed by short sellers… No one bothered to question why 60 Minutes interviewed and trusted a short seller whose goal is to profit from the stock decline. And no one bothered to interview victims. Could that be because they couldn’t find them?
Nowadays, the company is under investigation to see if the wood really is dangerous with the Consumer Product Safety Commission.
Even Raymond James commissioned tests on the floors and found little. Afterwards, the firm upgraded the stock with an outperform rating with a $40 price target.
As I’ve said all along, there was no reason for this sell off. It’s now a buying opportunity.