The dismissal of the Usana Health Sciences case against Fraud Discovery Institute
This week, it was announced that Usana Health Sciences (NASDAQ:USNA) and Fraud Discovery Institute had reached a settlement in their legal battle. Usana basically had most of its case thrown out by a federal judge, but still could have pursued allegations of illegal manipulation of the stock.
The most interesting thing about the whole case against Barry Minkow and FDI is that Usana repeatedly called the report issued by Barry “false and misleading.” Yet the company never addressed any of the substantive allegations in the report or proved that they were incorrect. And no one held their feet to the fire and demanded that they prove that what he said was false.
Yet a business decision was made by both sides of the case to settle, and according to the Associated Press:
USANA will withdraw its lawsuit against Minkow and his Fraud Discovery Institute in the U.S. District Court for the district of Utah. In turn, Minkow and the Fraud Discovery Institute will not trade in USANA’s stock, will remove information within their control regarding USANA from the Internet, and will not publish any further statements about USANA.
Usana paid Minkow $200,000 to settle, and Usana has basically accomplished their main goal: To stop a man who has uncovered billions of dollars of fraud at other companies from talking about them. Why? Because he’s obviously so on-the-mark with what he says that they’re scared.
Related posts:
- Usana Health Sciences ordered to pay Barry Minkow’s legal fees
- Fraud Discovery Institute Says Entire Usana Health Sciences, Inc. Independent Medical Advisory Board Are Undisclosed, High Level ‘Associates’
- Law 101 for Usana-heads
- More lies at Usana Health Sciences
- Usana Health Sciences Loses Big in Court
Tags: usana health sciences, minkow victory, minkow wins, usana paid minkow
Trackback from your site.
Comments (8)
Hopefully USANA will finally get what is coming to them. Berry did a lot of work to prove what they were doingis wrong but the many lemmings following behind the company do not realize that one day their will be no one to recrute and the company will faulter. Hopefully people like Terminatedramp will continue thier fight and show the public that what the company is doing is scamming innocent people into believing they too can acheive finacial freedome without having to hold a real job.
why would Barry remove all the findings from his research? Is he being paid a nice sum to keep quiet?
I don’t know. I’m not a party to this agreement and the settlement is confidential.
Ken wrote: “why would Barry remove all the findings from his research? Is he being paid a nice sum to keep quiet?”
He is being paid, but all his findings are public. Many of them right here.
But not anymore.
there is a right place to discuss this issue and that is in court.if the case was dismissed, there is no evidence to prove the allegation of fraud unless you are barking at the wrong tree.
you are wasting our time and it shows that you have a hidden motive. all will be realized after a while. God knows best.
Have an open heart to uncover the lie within in you.
my advise is for you to visit your shrink to help you have a peace of mind. – jack
Jack – Thanks for your insightful comments. The court case wasn’t about the fraud perpetuated by Usana. It was about Usana’s false allegations against Barry Minkow… which were dismissed. I have no motive other than revealing the truth.
Barry Minkow’s complete report on Usana, including addenda 1-20, is still available on the Web courtesy of The Internet Archive:
http://web.archive.org/web/20070325225014/www.frauddiscovery.net/usana.html
Lots of additional Usana material Minkow was forced to remove from the FDI site can also be found by fishing around the archived pages from 2007 as well:
http://web.archive.org/web/20070325225014/www.frauddiscovery.net/usana.html