Scheme report strikes USANA
Shares of USANA Health Sciences tumbled Thursday after The Wall Street Journal reported on a 500-page critique of the company sent to the Security and Exchange Commission, the FBI and the criminal division of the IRS by the San Diego-based Fraud Discovery Institute.
The report was penned by Barry Minkow, a stock-fraud felon turned private investigator, who has received praise from the FBI for previous probes. His latest report, however, has made Minkow the target of profiteering allegations.
Minkow acknowledged up front that he has bought "put'' options on USANA's shares in a bet the price will fall. And fall it did Thursday - 15 percent, or $8.92 a share - once The Journal published his allegations. Minkow then issued a news release about The Journal's scoop, and boasted about it on his Web site.
USANA President Dave Wentz said he was "flabbergasted" by Minkow's assessment that USANA is a pyramid scheme. And he was appalled that The Journal would rely on a source that stands to benefit financially by trashing the company. In response, USANA on Thursday hastily filed a defamation suit against Minkow and his company.
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