NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of all persons or entities who purchased or otherwise acquired USANA Health Sciences, Inc. (NYSE:USNA) securities between March 14, 2014 and February 7, 2017 (the “Class Period”). Investors have until April 14, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
USANA Health Sciences, Inc. develops, manufactures, and sells science-based nutritional and personal care products to reduce the risk of chronic degenerative disease.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s BabyCare subsidiary had engaged in improper reimbursement practices in China; (ii) these practices constituted violations of the Foreign Corrupt Practices Act of 1977 (the “FCPA”); (iii) as such, the Company’s China revenues were in part the product of unlawful conduct and unsustainable; and (iv) the foregoing conduct, when it became known, was likely to subject the Company to significant regulatory scrutiny. As a result of the foregoing, USANA’s public statements were materially false and misleading throughout the Class Period.
On February 7, 2017, post-market, USANA disclosed 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 . . . and certain conduct and policies at BabyCare, including BabyCare’s expense reimbursement policies.”
Following this news, USANA shares declined $7.25 per share, or over 11.5%, on February 8, 2017 to close at $55.40.
If you purchased or otherwise acquired USANA securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the USANA lawsuit, please go to www.bespc.com/usna. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.