Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against USANA Health Sciences, Inc.
Oklahoma City, OK (February 15, 2017) – On February 13, 2017, a securities class action lawsuit was filed in the United States District Court for the District of Utah against USANA Health Sciences, Inc. (NYSE: USNA). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 14, 2014 through February 7, 2017. More specifically, this litigation was filed because post market on February 7, 2017, USANA disclosed in its Form 8-K filed with the Securities and Exchange Commission that “The Company is voluntarily conducting an internal investigation of its China operations, BabyCare Ltd. The investigation focuses on compliance with the Foreign Corrupt Practices Act (“FCPA”) and certain conduct and policies at BabyCare, including BabyCare’s expense reimbursement policies. The Audit Committee of the Board of Directors has assumed direct responsibility for reviewing these matters and has hired experienced counsel to conduct the investigation. While we do not believe that the subject amounts are quantitatively material or will materially affect our financial statements, we cannot currently predict the outcome of the investigation on our business, results of operations or financial condition. We have voluntarily contacted the Securities and Exchange Commission and the United States Department of Justice to advise both agencies that an internal investigation is underway and intend to provide additional information to both agencies as the investigation progresses. Because the internal investigation is in its early stage, we cannot predict the duration, scope, or result of the investigation.”
On this news, shares of USANA fell $7.25 to close at $55.40 on February 8, 2017.
Plaintiff seeks to recover damages on behalf of all USANA Health Sciences, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, April 14, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Wed, February 15, 2017
by Nancy Beatty filed under