BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased USANA Health Sciences, Inc. (“USANA” or the “Company”) (NYSE: USNA) securities between March 14, 2014 and February 7, 2017, inclusive (the “Class Period”). USANA investors have until April 14, 2017 to file a lead plaintiff motion.
Investors suffering losses on their USANA investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
The complaint filed in this class action lawsuit alleges that throughout the Class Period Defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts, including that: (i) the Company’s BabyCare Ltd. subsidiary had engaged in improper reimbursement practices in China; (ii) these practices constituted violations of the Foreign Corrupt Practices Act; (iii) as such, the Company’s China revenues were in part the product of unlawful conduct and unlikely to be sustainable; (iv) the foregoing conduct was likely to subject the Company to significant regulatory scrutiny; and (v) as a result of the foregoing, USANA’s public statements were materially false and misleading at all relevant times.
On February 7, 2017, USANA disclosed that it will be conducting an internal investigation of its Chinese subsidiary, BabyCare Ltd. (“BabyCare”). Specifically, the Company’s investigation centers upon “compliance with the Foreign Corrupt Practices Act” as well as “BabyCare’s expense reimbursement policies.”
On this news, shares of USANA fell over 10% during intraday trading on February 8, 2017.
If you purchased shares of USANA during the Class Period you may move the Court no later than April 14, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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