These 15 interesting (and yes, frightening) facts about Usana Health Sciences (NASDAQ:USNA) were posted on Yahoo message board. I thought they nicely summed up this multi-level marketing company, and wanted to share them here. Of course, I’m providing links to evidence which corroborates these facts about Usana.
Today I got an email from Len Clements, the multi-level marketing evangelist and career college graduate who has been a vocal supporter of Usana Health Sciences (NASDAQ:USNA).
Len Clements published five disjointed “rebuttals” to the various reports, videos, and press releases put out by Barry Minkow and Fraud Discovery Institute about Usana. These rebuttals appeared to be a great source of pride to Len Clements, but were almost completely ignored by the media. Even better, the Len Clements writings were totally ignored by Usana, the entity he was so fervently defending.
This morning, it was announced that Usana founder and current chairman and CEO Myron Wentz offered to buy all outstanding stock of Usana Health Sciences (NASDAQ:USNA) at $26.00 per share. The closing price of the stock on May 12 was $20.83, so this represented almost a 25% premium. The buyout would be made through Unity … Read more Usana Health Sciences Buyout News
Today Bradford Richardson sold $600,000 more of his Usana stock. He’s liquidating all of it. With only 400 shares of stock left, I think TerminatedRamp has this one right…. Bradford Richardson, Usana’s Executive VP of Asia Pacific is going to be the sacrificial lamb. Barry Minkow and Fraud Discovery Institute released Cheating in China last month, detailing how Usana corporate employees are knowingly and willingly violating Chinese laws against multi-level marketing.
About the only way Usana can get out of this one is to offer up a sacrificial lamb. Make Richardson the one who was responsible for it all. Get rid of him and vow to make things right in China. That’s really their only chance for survival.
The Salt Lake City office of the Securities and Exchange Commission is investigating a stock sale by Myron Wentz, Chairman and Chief Executive Officer of Usana Health Sciences. On February 12, Wentz sold 85,000 SHARES OF Usana stock, curiously at a five-year high price of $60.89 per share.
According to Roddy Boyd at the New York Post:
The regulators are examining the sale to see if Wentz had been tipped off to questions being asked by the Fraud Discovery Institute’s Barry Minkow.
Boyd also writes:
In a stunning release of previously undisclosed information, the ]Fraud Discovery Institute (FDI) released today documented evidence that the entire Usana Health Sciences, Inc. (Nasdaq:USNA) Medical Advisory Board secretly owns large independent Usana multi-level marketing distributorships.
“The company presents their advisory board as an independent medical body of experts that have affirmed the quality and effectiveness of Usana products. But the reality is that the entire board have vested financial interests in Usana’s success as multi-level marketing distributorships,” said Barry Minkow.