Lifeway Foods announces “Do not vote” recommendation from ISS advisor

Lifeway Foods (LWAY) announced that Institutional Shareholder Services, or ISS, a leading independent proxy advisory firm, has recommended that shareholders “DO NOT VOTE” in connection with the ongoing dissident-led consent solicitation. In its report, ISS concluded that “the dissident has not presented a compelling case for change” and advised shareholders to “DO NOT VOTE” on all proposals put forth by Ludmila and Edward Smolyansky and their aligned group. The ISS analysis noted that: Lifeway’s “financial performance has been directionally positive” and its “share price (has) rallied over the preceding year on multiple positive earnings announcements,” with total shareholder return significantly outperforming peers in the Russell 3000 Food Producers Index; the dissident group’s critiques “are generally presented without adequate context,” and the dissident group “does not clearly establish how various developments have actually impacted shareholder returns.”; The dissident group “has not presented a plan should it successfully secure a majority of board seats” for governance or operational improvement; The dissident nominees include individuals who previously contributed to governance concerns during their past tenures at the Company.