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Posted: 10:53 AM- A second lawsuit has been filed over the proposal to take Usana Health Sciences Inc. private.
Shareholder Max Silberman of Ohio accuses the family of majority owner Myron Wentz of undervaluing the supplements company with its $26-per-share offer, concealing information about the true value and future prospects of the Utah company, and self-dealing to the detriment of minority stockholders.
The suit seeks to halt the proposed purchase of shares by the Wentz family and others who own 68 percent of the company that manufactures and sells nutritional supplements, personal care and weight loss products.
The suit seeks class-action status to represent all stockholders not part of the offer and asks a 3rd District Court judge to enjoin the proposed takeover.
The company and Wentz had no immediate comment on the lawsuit.
Another lawsuit, filed by two shareholders and pending in 3rd District Court, also seeks class-action status and makes nearly the same allegations.
The offer announced in May is set to expire on Friday.
The Wentz family and its partners contend that the company can operate more efficiently if it is taken private. They contend the $26 represents a bonus of about 25 percent over what the stock was trading for in the previous 30 days before the offer was made.
In morning trading today. shares were down 1 cent, to $26.14.