NEW YORK () -- Shares of Lumber Liquidators ( - ) were gaining 7.3% to $15.65 on Thursday after the hardwood flooring company announced that it reached a settlement with the Environment and Natural Resources Division of the Department of Justice related to its compliance of the Lacey Act.
The Lacey Act is a U.S. conservation law regarding the protection of plants, fish, and wildlife.
Lumber Liquidators will pay a combined total of $10 million in fines for violated Customs law and the Lacey Act under the settlement. The payment includes a $7.8 million fine, community service contributions of $880,825 and $350,000 to the National Fish and Wildlife Foundation and the Rhinoceros and Tiger Conservation fund, respectively, and a $969,175 forfeiture payment.
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The company said it reserved money for the payments in the first quarter of 2015.
The Justice Department first launched an inquiry related to certain suppliers harvesting more timber than their permits allows in foreign countries in 2013. The probe focused on the company's hardwood flooring purchase orders and...