Another credentials flap for Usana and it blames ... short sellers!
Whose on First At USANA? Over at Bloggingstocks, Zac writes"
"In just the past few months, Usana Health Sciences (NASDAQ: USNA) has had more scandals surrounding biographical errors than any company or organization that I can think of. Take a look:Denis Waitley, a director at the company, decided not to stand for re-election after investigator Barry Minkow uncovered that the PhD listed in his biography came from a long-defunct diploma mill. He also does not possess a Master's degree, although one was reported in numerous SEC filings.
Dr. Timothy Wood, Vice President of Research and Development at the company, claimed to have a PhD in biology, but it's actually in forestry, which seems less relevant at a company that makes nutritional supplements.
Myron Wentz, the company's founder and Chairman, renounced his U.S. citizenship to "move" to the tax haven of Lichtenstein.
And now, according to the Wall Street Journal, Dr. Ladd McNamara has left the company's medical advisory board after it was discovered that he no longer has a medical license. A Usana spokesman said that McNamara surrendered his license in Georgia in 2004 in response to allegations that he improperly prescribed medication to a family member. He also agreed to a lifetime ban from practicing medicine in Ohio."
After awhile this casual attitude to the truth, and statements being made to the public, must start one to wonder just what else USANA is fibbing about? You cannot simply continue to have your board members either resign, not stand for re-election, because they have materially misrepresented who and what they are without the public beginning to wonder how much truth or not there is to your other statements.
Comments
If the SEC and IRS don't come down hard on this company they will be sending the message that this is all o.k. If this company is allowed to continue to exist it basically says to every company in the country that the truth is more of a guideline than a rule and that everyone should just do whatever they please with no real repercussions.
Posted by: Dave | June 12, 2007 11:04 PM
Yes, it does appear that they act as if no one should be paying serious attention to their public filings.
Posted by: Michael Webster | June 13, 2007 10:16 AM
This is a bad dream for a company with massive potential to do good. But it's their dream, and perhaps it's time to wake up. Or, has time run out?
Posted by: Steve | June 13, 2007 10:36 AM
Steve, it sounds like all these little "white lies" may end up to have a snowball effect.
Posted by: Michael Webster | June 13, 2007 11:14 AM
If Usana doesn't start addressing these issues, which could be as simple as admitting mistakes in judgment and business practice were made, this little snowball is going to develop in an avalanche of corporate self-destruction. And that will be the fault of those decision makers at the helm.
Posted by: Steve | June 13, 2007 1:26 PM
It would not surprise me that those at the top have come to feel that they are invincible to any challenge.
Posted by: michael webster
|
June 13, 2007 2:05 PM