The Shareholders Foundation announces that an investor who currently holds NYSE:USNA shares filed a lawsuit against directors of USANA Health Sciences, Inc. (NYSE:USNA) over alleged breaches of fiduciary duties.
Investors who purchased shares of USANA Health Sciences, Inc. (NYSE:USNA) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges that certain directors of USANA Health Sciences, Inc.awarded themselves over 300,000 shares of stock just before releasing information that drove the share price up by 16% in a day.
USANA Health Sciences, Inc. (NYSE:USNA) reported that its Total Revenue rose from $648.73 million for the 12 months period that ended on Dec. 29, 2012 to $718.17 million for the 12 months period that ended on Dec. 28, 2013 and that its respective Net Income increased from $66.43 million to $79.02 million.
On July 15, 2014, a report was published that alleged that nearly 33% of USANA Health Sciences, Inc. sales and 50% of its revenue growth stemmed from “widespread illegal MLM operations in China.” Furthermore, the report stated, that “USANA Health Sciences, Inc. is one of the most egregious violators of China’s ‘anti-pyramid scheme laws’ which effectively prohibit MLM’s primary business model — multi-level compensation schemes for recruiting and enrolling new sales agents” and that “USANA Health Sciences, Inc. doesn’t even own a retail license in China for neutraceutical product; its entire mainland operation for distributing them requires the charade of Hong-Kong sales associates who actually live and operate in mainland China.” Shares of USANA Health Sciences, Inc. declined from $79.60 per share on July 14, 2014 to $72.10 per share during July 16, 2014 and continued to decline to as low as $63.85 per share on July 31, 2014.
On August 29, 2014, NYSE:USNA shares closed at $73.03 per share.
Those who purchased shares of USANA Health Sciences, Inc. (NYSE:USNA) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com