USANA files lawsuit
This article was originally published in The Tan Sheet
Executive Summary
USANA Health Sciences announces March 15 it has filed a lawsuit against the Fraud Discovery Institute and Barry Minkow in the U.S. District Court in Salt Lake City, Utah for defamation. In a March 15, 2007 Wall Street Journal article Minkow said he bought "put" options on USANA's shares in a bet the price will fall. The Salt Lake City-based firm says in a release it believes "this is a campaign to manipulate USANA's stock price that is being orchestrated by an individual who served 7 years in prison for stock fraud." The company says Minkow's assertions about USANA's sales model are "false and misleading." In January the firm said it expected net sales for its fourth quarter to be approximately $101 mil. before it reclassified its financial report (1"The Tan Sheet," Jan. 15, 2007, In Brief)...
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