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SAN FRANCISCO, March 24, 2017 -- Hagens Berman Sobol Shapiro LLP updates investors in USANA Health Sciences (NYSE:USNA) regarding the Company’s recent admitted weaknesses in internal controls over financial reporting and reminds them of the April 14, 2017 Lead Plaintiff deadline in the pending securities class action.
If you purchased or otherwise acquired securities of USNA between March 14, 2014 and February 7, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/USNA
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On February 7, 2017, USNA announced that it is voluntarily conducting an internal investigation of its China operations, BabyCare Ltd. concerning compliance with the Foreign Corrupt Practices Act (“FCPA”) and certain conduct and policies at BabyCare, including BabyCare’s expense reimbursement policies. The Company hired outside counsel to conduct the investigation and notified both the SEC and the U.S. Department of Justice of the investigation.
This news drove the price of USNA shares down over 11.5% to close at $55.40 on February 8, 2017.
On March 1, 2017, USNA disclosed it identified a material weakness in its internal control over financial reporting as of December 31, 2016 in connection with the internal investigation into compliance with the FCPA.
“We’re concerned that if in fact there were FCPA violations, they would have occurred in the Company’s largest operations,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding USNA should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
