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Whitney Tilson Reveals Why He's Staying Short Lumber Liquidators

Whitney Tilson, managing director of Kase Capital, details how he initially discovered that Lumber Liquidators was using products tainted with levels of formaldehyde beyond what's acceptable by California standards and why he believes the stock's plummet is only just beginning. Tilson explains how he brought his findings about Lumber Liquidators to '60 Minutes' and established a 3% short position in the stock. After '60 Minutes' aired an investigative piece exposing that the company's Chinese-made laminate flooring contains amounts of toxic formaldehyde that may not meet health and safety standards, causing shares of Lumber Liquidators to tumble, Tilson reveals why has no intention of covering his short position anytime soon.