Shareholders seek to replace Lifeway’s board of directors

ack and remains committed to maximizing shareholder value. The strategies implemented by Lifeway have resulted in strong shareholder returns, with significant revenue growth over the past five years. The company is dedicated to continuing this positive momentum to benefit all shareholders.

In response to the Smolyanskys’ definitive consent solicitation statement, Lifeway Foods highlighted that the filing violates Illinois law and the company’s organizational documents. The statement attempted to set a record date for proposals without the appropriate rights to do so and disregarded the requirement for proper notice to all shareholders entitled to vote. Lifeway emphasized that the Smolyanskys’ filing is legally deficient and urged shareholders to ignore it and any communications that breach the law and the company’s charter or bylaws.

The issues raised by the Smolyanskys bring to light the importance of leadership accountability, transparency, and long-term shareholder value. It is essential for companies to engage with shareholders and prioritize their interests to ensure sustainable growth and success. The proposed actions by the Smolyanskys reflect a need for change within Lifeway to address concerns and improve governance practices for the benefit of all stakeholders.

As this situation unfolds, it will be crucial for Lifeway Foods to address the concerns raised by shareholders and work towards resolving any existing issues. The company’s response to the Smolyanskys’ proposals will be closely monitored by investors and stakeholders alike. Transparency and effective communication will be key in navigating this process and ensuring that the best interests of all shareholders are upheld.

Overall, the efforts by Edward and Ludmila Smolyansky to initiate change within Lifeway Foods reflect a commitment to improving governance, accountability, and shareholder value. The response from Lifeway underscores the importance of adhering to legal requirements and upholding proper governance practices. The outcome of this situation will have implications for the future direction of Lifeway Foods and its relationships with shareholders moving forward.