When Usana lost auditors Grant Thornton, it filed an unreviewed 10-Q, prompting a delisting warning letter from NASDAQ. Following the hiring of PriceWaterhouseCoopers as the new auditors, Usana filed an amended 10-Q, which brought them back into compliance with SEC rules.

Yesterday, a NASDAQ panel determined that the company is compliant and in no current danger of delisting. In true Usana style, CFO Gil Guller added his own little spin to the NASDAQ decision:

“The Panel specifically recognized that USANA’s Audit Committee completed an investigation of the allegations made by third-party detractors, and that the Audit Committee found no merit to them.”

That was an excellent attempt at making it appear that NASDAQ says the allegations made by Fraud Discovery Institute and being investigated by the SEC are without merit. On the contrary, I think it really means that NASDAQ was informed that Usana’s audit committee has done their little “investigation.” That’s all.

I’m quite sure NASDAQ said nothing to the effect that they think the allegations have no merit. Nice try, Gil.