Lumber Liquidators is paying $33 million to settle fraud charges by federal authorities who accused the company of falsely saying its Chinese-made laminate flooring met formaldehyde emissions standards.

The Toano, Virginia-based company is one of the biggest retailers of flooring products in the U.S. Its settlements of criminal and civil fraud charges, related to statements it made in 2015, were announced Tuesday by the Justice Department and the Securities and Exchange Commission.

Under an agreement, the Justice Department will defer prosecution of Lumber Liquidators and dismiss the charges after three years on condition the company takes remedial actions.

Lumber Liquidators CEO Dennis Knowles said in a statement the company has made sweeping changes "and will continue to take steps with the new executive team to better Lumber Liquidators."