BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming April 14, 2017 deadline to file a lead plaintiff motion in the class action 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.
USANA develops, manufactures and sells nutritional and personal care products primarily to reduce the risk of chronic degenerative disease. On February 7, 2017, USANA disclosed that it would 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 more than 10% during intraday trading on February 8, 2017.
The complaint filed in this class action lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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 (“FCPA”); (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, when it became known, 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.
If you purchased USANA shares, you may move the Court no later than April 14, 2017 to request appointment as lead plaintiff. 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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