Lifeway Foods, Inc. issued a statement on July 3, 2025, asserting that Edward and Ludmila Smolyansky's definitive consent solicitation statement, filed on July 2, 2025, violates Illinois law and the Company's organizational documents. Lifeway urged shareholders to disregard the filing, calling it 'legally deficient'.
The company stated that the Smolyanskys' statement purports to set a record date for their proposals without the right to do so and ignores the requirement for proper notice to all shareholders entitled to vote. Lifeway emphasized its commitment to maximizing shareholder value, citing strong shareholder returns of 788% over five years and approximately 100% revenue growth from FY 2019 through FY 2024.
This response marks a direct counter-attack in the ongoing proxy contest, indicating the company's intent to legally challenge the dissident shareholders' efforts to replace the board. Lifeway maintains that its strategy has delivered strong financial results and shareholder value.
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