Lumber Liquidators Holdings Inc.'s stock plunged 23% on heavy volume to the lowest level since October 2011, after yet another disappointing quarterly report from the wood-flooring company. The stock has now dropped 79%, as the company has failed to address investor and customer concerns raised by a "60 Minutes" report, that ran on May 1, alleging wood the company sourced from China had dangerous levels of a cancer-causing agent. In a conference call with analysts, Piper Jaffray's Peter Keith asked why the company hasn't pushed a safety message with its wood products since the "60 Minutes" program ran, and Chief Executive Tom Sullivan declined to answer, according to a transcript provided by FactSet, saying only: "Our job is to sell the wood, good wood at a good price. And that's what customers want." Cantor Fitzgerald analyst Laura Champine slashed her stock price target to $15 from $26, saying the outlook continues to be cloudy until there are resolutions to all of the regulatory investigations and consumer lawsuits.
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