Friday, June 09, 2023
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Family. The saga between Lifeway CEO Julie Smolyansky and her brother, Edward, and mother, Ludmila, continues, with each side claiming the other breached the Proxy settlement reached last July. While the legal battle continues to unfold, the most recent Court decisions determined, “… no basis in law or fact that remains as to the invalidity of Mr. Smolyansky’s nomination of an alternate slate of directors and such nomination is void ab initio and is not a valid solicitation,” according to the Company.
The Twist. In a twist, David Kanen of Kanen Wealth Management issued a letter sent to Julie Smolyansky and the Board of Directors. According to the letter, Mr. Kanen owns approximately 4.1% of the outstanding LWAY shares and intends to vote his shares in support of the recent slate nominated by Edward and Ludmila Smolyansky.
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