Litigation

I thought it was all Barry Minkow?s fault?

By Tracy Coenen

Usana Health Sciences (NASDAQ: USNA) just took a huge dump. We’re a year out from the report by Barry Minkow and Fraud Discovery Institute about the company’s failure to disclose material information and data about its business model.

Usana executives Gil Fuller (CFO who lied about being a CPA) and Dave Wentz always referred to the report as “false allegations” but never showed any substantive evidence that disproved any material points made in the report.

A year later, that excuse isn’t working, and the stock is still a POS. Obviously, this validates my belief that that stock was long overvalued and the report by Barry/FDI finally gave the market the information it needed to wade through all the B.S.

Today the company reported that first quarter earnings would fall far short of earlier guidance. February’s guidance was profit of 63 cents to 66 cents per share and revenue of $105 million to $109 million.

Revenue will only be about $100 million, with profit of only 44 cents and 46 cents. And there’s no one to falsely blame, this time.

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Full post as published by The FRAUDfiles Blog on March 27, 2008 (boomark / email).