Louisiana-Pacific Faces More Lawsuits
Louisiana-Pacific Corp. shareholders have filed two more lawsuits alleging the forest products company misled them, violating federal securities laws.
The suits, filed late Monday and Tuesday in U.S. District Court in Portland, are the eighth and ninth class-action complaints filed against Louisiana-Pacific since May 25.
The lawsuits have helped to drive down Louisiana-Pacific stock, which dropped 50 cents Wednesday to $23.625.
The most recent suits allege the company and its management artificially inflated the stock price by reporting record sales and profits at the same time they knew some products did not meet certain quality standards.
The company has called all class-action suits “copycat actions” and said it will oppose them.