Reuters/ Rick Wilking
Lumber Liquidators shares spiked by as much as 16% in trading on Monday following reports that a US judge accepted the company's plea agreement.
Last October, the hardwood-flooring retailer pleaded guilty to violating the US Lacey Act, which prohibits trade on illegally sourced plant products.
The company was fined $13 million for importing illegal wood on Monday, according to the Energy Information Administration.
"Lumber Liquidators had imported flooring manufactured in China, made from wood that was illegally harvested in the forests of the Russian Far East, the habitat of the world’s last remaining wild Siberian tigers," said the EIA in a statement.
Lumber Liquidators had also requested a five-year probation sentence under several conditions, including that it does not commit another crime in that period and creates an environmental compliance plan.
We've reached out to the company and will update when we hear back.
Last March, Lumber Liquidators was the subject of a "60 Minutes" investigation that alleged flooring sourced from China contained excessive levels of formaldehyde.
The company's shares got whacked, and are down nearly 77% over the past year.
On Monday, trading on the stock was halted for volatility. It had its biggest intra-day jump since December 15, when the shares rallied 25% after hedge fund manager Whitney Tilson said he had cashed out of his short position.
Here's a look at the spike in shares:
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