Lawsuits Hit Share Price Of MLM Company USANA

Shares of Usana Health Sciences Inc. dropped Friday after several law firms announced purported class action suits Thursday, alleging the maker of nutritional and skin care products violated federal securities law.

Usana shares fell $4.26, or 8.5 percent, to $46.13 in afternoon trading on the Nasdaq Stock Market at more than double their average volume. Over the past year, shares climbed from a low of $35.06 in July to reach a high of $61.80 in mid-February.

Dennis Waitley To Leave Board Of MLM Company USANA

“Dr. Denis Waitley has decided not to stand for reelection to the USANA board of directors. Dr. Waitley recently informed USANA that an error appeared in his biography listed in the Company’s proxy statement and that he did not in fact earn a masters degree in Organizational Development from the Naval Post Graduate School in Monterey, California. Dr. Waitley did confirm that he earned a Bachelor of Science degree from the United States Naval Academy in Annapolis, Maryland, and a Ph.D. in Human Behavior from La Jolla University. Dr. Waitley’s board term will end on April 17, 2007, at which time he will retire as a director of the Company.

"The board of directors has regretfully acknowledged Denis Waitley’s decision to retire from the board and acknowledges his contributions to USANA during his tenure as a director.”

Comment: The "Fraud Detection Institute" campaign against MLM company USANA claims a high profile victim.

More Allegations Against MLM Company USANA By FDI

The "Fraud Discovery Institute" steps up it's campaign against MLM company USANA Health Sciences with allegations against Director Dennis Waitley and criticism of company products.

Editor's Note: The link is to a press release from the FDI. Reading it, the impression one gets is of the FDI looking to create some controversy around this story. The allegations against Dennis Waitley look pretty flimsy and the criticism of the products looks ill-informed.

Another Suit Launched Against MLM Company USANA

The "ambulance chasers" are coming out of the woodwork with another class action suit being lodged against MLM company USANA Health Sciences. This time by Brower Piven. Another law firm, Milberg Weiss, has announced it is investigating launching a similar suit.

Bid For MLM Company Herbalife Judged Too Low

MLM compoany Herbalife Ltd., a company that sells weight-loss and nutritional supplements, on Thursday said a special committee of its directors found that Whitney V L.P.'s acquisition offer of $38.00 per share was too low, but remains open to a higher bid from Whitney.

MLM Company Amway India Appoints Hammer As PR Firm

Amway India Enterprises, the direct selling FMCG company has announced the appointment of Hanmer & Partners, to partner the company in its national communication objectives.

MLM Company Herbalife To Be LA Galaxy Jersey Sponsor

On Friday, Herbalife and Galaxy owner AEG extended Herbalife's sponsorship deal with the Galaxy to include the jersey sponsorship. The Galaxy is the second MLS team to have a jersey sponsor after MLS' Real Salt Lake signed with XanGo.

MLM Company Herbalife Awards $30m Distributor Bonuses

Over 3,000 Herbalife independent distributors gathered for the 2006 Mark Hughes Bonus Awards where Herbalife distributed $30 million in year-end bonuses, the largest pool ever, to its top achievers tonight at the Gibson Amphitheatre at Universal CityWalk. Five of the bonuses were over $1 million, with a top bonus of $1.8 million.

More Legal Problems For MLM Company USANA

MLM company USANA continues to suffer fallout from the report issued recently by the "Fraud Detection Institute". Dreier LLP has launched a class action suit against the company alleging violations of securities laws.

MLM Company Herbalife Gains Licence In China

International dietary supplements marketer Herbalife said it has received its direct-selling license from China's Ministry of Commerce, following a period when the government prohibited direct sales companies.