In 2011 the Feds raided the offices of the Gibson Guitar Corp. in Tennessee and charged the famous guitar-maker with trafficking in illegally obtained wood in violation of the Lacey Act, which prohibits trading of a variety of fish, wildlife, plants and plant products, including illegally logged wood. Gibson later settled the charges by paying a $300,000 fine and a $50,000 community service payment to the National Fish and Wildlife Federation.
While it is not known precisely what the Feds were looking for at Lumber Liquidators’ offices, there is no indication that the raid was conducted by people arrayed in full SWAT gear as happened at Gibson. Guitars are probably a lot tougher to subdue than hardwood flooring.
Shares of Lumber Liquidators are down about 9.1%, at $102.66 in a 52-week range of $47.31 to $115.59.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.