Breaking Finance News

BREAKING- USANA Health Sciences Lower after Citron Report (USNA)

Around 10:45 a.m. EDT, USANA Health Sciences (NYSE: USNA) spiked lower after a report published by Citron Research.

The report, titled, Creating a Criminal Conspiracy out of Your Own Customers, states that the company is, “illegally importing and selling unapproved products in Chinese mainland via an extensive multi-level marketing  network – in gross violation of Chinese strict anti-pyramid scheme law. ”

It said in the report,

After 4 months of investigation and with thousands of pages of support documentation, we feel confident in claiming that USANA is running a criminal enterprise in China.  As Glaxo squirms under the scrutiny of Chinese regulators, It is Citron’s opinion that USNA is far more vulnerable.  We will stand by this opinion in a court of law.

[stock-tools exchange="NYSE" symbol="USNA" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

 

 

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.