11 Aug

Questions Raised About the Figures Reported in USANA’s SEC Filings

USANA Watchdog  just posted an article this morning which questions the active associate count of USANA Health Sciences (NASDAQ:USNA) and whether there is illegal recruiting of associates in China. Watchdog’s analysis of the numbers found some very curious things:

  • Associates in Hong Kong have increased by 300% in the last three years, when the rest of the territories have seen decreases.
  • Hong Kong has 1 associate for every 135 citizens. The market is either completely saturated or completely fabricated. Watchdog draws the conclusion that the associate count for Hong Kong more likely includes recruits from mainland China (where recruiting for MLMs is illegal).
  • Associate counts in almost every territory have gone down over the last three years, but because of the way USANA presents the numbers in its SEC filings, it’s nearly impossible to see this.
  • Something funny is going on the Philippines. During 2009, USANA was stating in its quarterly filings that they added 5,000, 5,000, 6,000, and 4,000 new associates there, for a total of 20,000 new associates in that territory in 2009. Yet the current associate count in the Philippines is 7,000.

Read all the details here: USANA’s Active Associate Per Territory, Evidence of Illegal Recruiting in Mainland China, and Misleading Philippines Associate Figures.

One thought on “Questions Raised About the Figures Reported in USANA’s SEC Filings

  1. Hi Ms Coenen,

    I was an individual who took this course. I gave up my money in 2 parts with a credit card. I was sent all the wonderful books, tape measure, colour samples templates etc. I studied and I listened in on that instructor tutorial…all of it. I took the test and funny it was an open book test. I knew I could pass the test because I studied and marked sections of the entire book. I failed to my surprised! In the mail about 1 week after I failed, Haverhill sent me a diploma framed and certified!!! I was shocked because I thought I had failed. I was allowed to re-do the test but the funny enough it tells you that if you take the test again it may affect your chances of employment with them.
    My husband and I thought this would be a great way for me to start into a business we could call our own. By know means am I a “professional stager” but I love to design. He believed in me so much he wanted me to take the course. Like a fool we were, this is shocking! I was able to access my information on Haverhill’s web until I got an email from the company Icovia. They are a floorplan web based design company. As a part of my course, you can use them to re-create your rooms etc.
    I’m very disappointed in Haverhill, you could never get anyone on the phone live to complain. I spoke to one person who marked my “test” and failed me. I told her that she failed & marked some of my answers incorrect because they are not in the book. Her answer was to speak to Kimberly or Danielle. Well I did, Danielle was never around and had someone else emailing on behave of her. Always wanted you to send an email via the Havehill’s web chat/question area. I suppose to keep a record of it. I really have been dooped & I was wondering if people who took this course were able to file a class action lawsuit against their adverstising??? What should I do?

    Please help,

    Fadia

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