On Friday, shares of specialty hardwood flooring retailer Lumber Liquidators Inc. (LL Quick QuoteLL - Free Report) are soaring, up almost 19% in morning trading after the company settled its case with the Consumer Product Safety Commission (CPSC), allowing them to avoid a recall of laminate flooring made in China.

Lumber Liquidators has agreed to not sell the rest of its inventory of laminate flooring that was obtained from China. The company has not offered this particular flooring choice for over a year now.

"Today's announcement is not intended to cause consumers to pull up Chinese-made laminate flooring installed in their home," the CPSC said in a statement.

LL stock has lost over 70% of its value ever since CBS’s 60 Minutes reported that the company sold flooring that contained dangerously high levels of formaldehyde, a cancer-causing agent. According to a statement, it will continue to test the homes of customers who had purchased the flooring product.

LUMBER LIQUIDAT Price and Consensus

LUMBER LIQUIDAT Price and Consensus | LUMBER LIQUIDAT Quote

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