Lifeway Foods says Smolyansky’s consent solicitation violates Illinois law

Lifeway Foods (LWAY) made the following statement regarding Edward and Ludmila Smolyansky’s consent solicitation statement: “Lifeway values investor feedback and remains focused on maximizing shareholder value. Lifeway’s strategy has delivered strong shareholder returns and financial results. We look forward to continuing this momentum for the benefit of all shareholders.The Smolyanskys’ definitive consent solicitation statement filed on July 2nd violates Illinois law and the company’s organizational documents. Their statement purports to set a record date for their proposals, when they don’t have a right to do so, and ignores the requirement that all shareholders entitled to vote receive proper notice of the proposed action prior to the taking of any action by written consent — and they have failed to do so. In short, their statement is legally deficient. Accordingly, shareholders are urged to disregard the Smolyanskys’ recent filing and any communications from them that violate the law and our charter/bylaws.”