NEW YORK – Lumber Liquidators Holdings is being investigated by federal regulators for possibly selling flooring with high levels of formaldehyde.

Consumer Product Safety Commission Chairman Elliot Kaye said his agency is actively investigating the company and testing products dating back to 2012. The probe’s results probably will be released in the coming months, Kaye said. The retailer said in an emailed statement that it’s cooperating with the agency.

Lumber Liquidators came under scrutiny after CBS’s “60 Minutes” reported on March 1 that the company sold laminate flooring that was produced in China with elevated amounts of formaldehyde, a known carcinogen. The Toano, Virginia-based retailer’s market value has plummeted by more than half since it disclosed that a story by “60 Minutes” was in the works.

The company has said its products are safe and that “60 Minutes” used improper tests that employ what’s known in the industry as a “deconstructive” method to determine formaldehyde levels.

The CPSC won’t use that method of testing because it doesn’t replicate how floors are used in the home, Kaye said, echoing Lumber Liquidators’ argument. The agency would push for a recall if it finds the flooring products are hazardous, he said.

The investigation is initially focusing only on flooring sold by Lumber Liquidators.

“We are committed to move as fast as possible to get answers for consumers, especially the parents of young children,” Kaye said.

Lumber Liquidators also has tried to cast doubt by pointing out that short sellers fueled the “60 Minutes” story. Investor Whitney Tilson went public with his shorting of the stock in 2013. He then pitched a story to “60 Minutes” early last year and appeared in the report. The show also featured a lawyer and the head of an environmental group who sued Lumber Liquidators after learning of a possible formaldehyde issue from the blog post of another short seller.

The retailer said earlier this month that sales plummeted after the “60 Minutes” report and that it would be unable to forecast revenue or profit this year because of the uncertainty it created.

To help regain customers’ confidence, Lumber Liquidators has offered free testing and said it would consider replacing some floors.

s