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 Acquisition Corp, an entity controlled by Gull Holdings. Gull Holdings is owned by Myron Wentz, and that entity (along with the “other participants” in the buyout) owns 68% of Usana currently.
Experts speculated that the company might be taken private in order to prevent future scrutiny by the Securities and Exchange Commission. Indeed, the company says that going private will give them “significant cost savings.”
Judge Alba just ruled that Usana Health Sciences (NASDAQ: USNA) must pay the legal fees of Barry Minkow and Fraud Discovery Institute for its bogus lawsuit. $142,510 to be paid by Usana!
Someone on a message board for discussing Usana Health Sciences (NASDAQ:USNA) made some interesting comments about the company. Quite simply, management consistently makes statements that contradict earlier statements. Here’s what she observed: Continue reading
Consequently, the evidence now indicates only that Defendants engaged in the lawful trading of securities. Because USANA did not meet its burden, the court strikes the second claim for relief under California’s anti-SLAPP statute.
A ruling yesterday in the Usana Health Sciences (NASDAQ:USNA) v. Barry Minkow & Fraud Discovery Institute case in United States Court for the District of Utah is a big blow to Usana.
The judge’s order essentially grants FDI’s anti-SLAPP motion and dismisses all but one of Usana’s claims under state law (the bulk of what Usana was claiming in their complaint).
But here’s the best part: Usana cannot pursue money damages under federal securities law (Rule 10B-5). They could seek “injunctive relief”… but there’s really nothing for Usana to ask for an injunction on anymore. Barry has no current positions in Usana stock, so there’s nothing to claim there. And the First Amendment protects free speech, so Usana really can’t shut Barry up… our laws allow him to criticize Usana if he wants. Theoretically, Usana could still pursue a claim of unlawful stock manipulation, but they really have no case in that regard. (As a friend of mine says: NOPE-SORRY!) Continue reading
Is it possible to buy your way to the top of the pyramid at Usana (NASDAQ:USNA)? Who would even want to? Well the answer is simple… those who are at the top of the pyramid have a much easier time recruiting new marks into the scheme. So buy your way to the top, and you’ll likely get more publicity and more opportunities to recruit new victims. More victims equals more commissions.
Here’s how it would work, and this is compliments of an anonymous writer who wanted to share the methodology with my readers: Continue reading
See! Usana Health Sciences (NASDAQ: USNA) CFO Gill Fuller was right when he said that everyone was lying about their credentials (including him!).
The CEO of CellCyte (Public, OTC:CCYG) was recently busted for embellishing his resume, and the stockholders have paid dearly. Gary Reys, the co-founder and CEO of CellCyte Genetics was busted by The Seattle Times, who challenged the accuracy of statements in his biography on the company website.
The original biography on the website says, in part: Continue reading
Insider: Bradford Richardson, Executive Vice President of Asia Pacific
Company Bio: Bradford joined USANA in December 1997 as executive director of international development, and from 1999-2005 held the roles of vice president of international development and vice president of international. In January 2006, he was appointed executive vice president of Asia Pacific, and currently has profit & loss responsibility for USANA’s operations in the Asia Pacific region. Additionally, Bradford is responsible for the definition and execution of USANA’s international expansion strategy. Continue reading
Finally, Ladd McNamara is living in reality. For quite some time, this Usana supporter, high level distributor, and former member of the Usana Medical Advisory Board has been illegally referring to himself as a doctor and an M.D.
Illegally? Well that’s according to the California rules, and McNamara lives in California. He has no medical license in California (or anywhere else, for that matter, since Ohio and Georgia don’t let him practice medicine either) and according to an article in the National Business Review he’s not allowed to say he’s a doctor: Continue reading
An article today on SanDiegoReader.com does an excellent job of highlighting what’s been happening with the Usana case. As if I’d ever let you forget, I will remind you that Usana Health Sciences is being investigated by the Securities and Exchange Commission for violation of securities laws.
Their investigation was initiated based upon a lengthy report authored by Barry Minkow and Fraud Discovery Institute. Contributors to the investigation included me, Robert FitzPatrick, Jon Taylor, and Doug Brooks, to name a few.
Here’s a summary of the case, with the help of the article: Continue reading
You’d think that management at Usana Health Sciences would be careful about these things, wouldn’t you? Nope. They’re Usana. They don’t have to. They’re Usana, after all.
Credit Barry Minkow with uncovering another fraud being committed by Usana.
After Barry and Fraud Discovery Institute revealed that Ladd McNamara, a member of Usana’s “Medical Advisory Board” did not have a license to practice medicine, Usana went to work. You see, Ladd McNamara was calling himself a doctor, when he was not licensed and not allowed to do so. He lost his medical license in Ohio and in Georgia. He now lives in California, and a representative of the State Medical Board of California made it clear that he is not allowed to refer to himself as a doctor. From the National Business Review: Continue reading