A state judge has granted a preliminary injunction to stop the sale of Salt Lake City-based USANA Health Sciences Inc. outstanding common stock shares.
Third District Judge Paul Kennedy sided with the plaintiff, Max J. Silberman, of Ohio, in granting the injunction, putting the brakes on the sale of the shares. A Monday court hearing about the injunction request was closed to the news media.
Silberman's lawsuit is the second shareholder lawsuit attempting to gain class-action status and stop the sale of the shares. USANA and a group of investors, led by USANA chairman and chief executive officer Myron Wentz, want to buy the outstanding shares in a move to take the company private. Wentz controls Gull Holdings Ltd., and Gull and its affiliates control about 68 percent of USANA common stock. Gull and Unity said Tuesday they have extended their offer until Monday night.