LOS ANGELES--(EON: Enhanced Online News)--Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against USANA Health Sciences, Inc. (“USANA” or the “Company”) (NYSE: USNA) concerning possible violations of federal securities laws between March 14, 2014 and February 7, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the April 14, 2017 lead plaintiff motion deadline.
“[t]he Company is voluntarily conducting an internal investigation of its China operations, BabyCare Ltd. The investigation focuses on compliance with the Foreign Corrupt Practices Act...and certain conduct and policies at BabyCare, including BabyCare’s expense reimbursement policies.”
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, USANA made materially false and/or misleading statements and/or failed to disclose that: the Company’s BabyCare Ltd. subsidiary engaged in improper reimbursement practices in China; that these practices constituted violations of the Foreign Corrupt Practices Act; that the Company’s China revenues were in part the product of unlawful conduct and unlikely to be sustainable; that the foregoing conduct was likely to subject the Company to significant regulatory scrutiny; and that as a result of the above, USANA’s public statements were materially false and misleading at all relevant times.
On February 7, 2017, USANA announced that “[t]he Company is voluntarily conducting an internal investigation of its China operations, BabyCare Ltd. The investigation focuses on compliance with the Foreign Corrupt Practices Act...and certain conduct and policies at BabyCare, including BabyCare’s expense reimbursement policies.” When this information was released to the public, shares of USANA fell in value, causing investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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