The Radoff-Sudbury Group Sets the Record Straight and Highlights Key Facts that Reinforce the Need for Targeted Boardroom Change at LifeVantage Corporation
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Since 2020, the Company has seen a 26% decline in consultants, a 16% decline in customers and a 20% decline in active accounts.
Bradley L. Radoff and Sudbury Capital Fund, LP (together with their affiliates, the “Radoff-Sudbury Group,” “we” or our “Group”), who collectively own approximately 12.8% of the outstanding stock of LifeVantage Corporation (Nasdaq: LFVN) (“LifeVantage” or the “Company”), today responded to the misrepresentations and distortions included in the Company’s recently issued presentation. Dayton Judd, Michael Lohner and Bradley L. Radoff have been nominated by the Radoff-Sudbury Group for election to LifeVantage’s Board of Directors (the “Board”) at the upcoming Annual Meeting of Stockholders (the “Annual Meeting”) currently scheduled for November 6, 2023.
As a reminder, the Radoff-Sudbury Group recently filed its own presentation detailing why the Radoff-Sudbury Group believes that LifeVantage is in urgent need of new perspectives in the boardroom following years of poor performance and governance under long-tenured directors Chairman Garry Mauro, Michael Beindorff and Darwin Lewis.
The Radoff-Sudbury Group commented:
“LifeVantage’s recent investor presentation and self-serving statements publicized by Board members fail to directly respond to the concerns we have raised and only reinforce that fresh perspectives are desperately needed in the boardroom. Based on the presentation’s contents and misleading information that attempts to justify the Company’s poor capital allocation and corporate governance practices, it is apparent that the Board is unwilling to consider new perspectives and do what is right for long-suffering stockholders. The Board is conveniently ignoring the indisputable fact that LifeVantage stockholders have endured over a decade of dismal performance – destroying 70% in stockholder value under Mr. Mauro’s reign as its 10-year Chairman. We question why the current directors are so resistant to adding new voices to the Board and steadfast in their resolve to stand by Mr. Mauro and his indefensible track record. We encourage our fellow stockholders to see through LifeVantage’s smokescreens and entrenchment tactics and evaluate the facts before deciding which slate of director candidates would truly put stockholders’ best interests first.”
LIFEVANTAGE MISINFORMATION VS. THE FACTS
Financial Performance and Consultant Attrition
LifeVantage’s Myth |
The Facts |
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Capital Allocation Decisions
LifeVantage’s Myth |
The Facts |
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Corporate Governance Issues
LifeVantage’s Myth |
The Facts |
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The Radoff-Sudbury Group’s Intentions
LifeVantage’s Myth |
The Facts |
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***
VOTE “FOR” THE HIGHLY QUALIFIED RADOFF-SUDBURY NOMINEES ON THE BLUE PROXY CARD AHEAD OF LIFEVANTAGE’S UPCOMING ANNUAL MEETING ON NOVEMBER 6, 2023.
ONLY YOUR LATEST DATED VOTE COUNTS. IF YOU VOTED FOR THE COMPANY’S NOMINEES PREVIOUSLY, A LATER DATED VOTE FOR THE RADOFF-SUDBURY NOMINEES WILL OVERRIDE YOUR PRIOR VOTING INSTRUCTIONS.
IF YOU HAVE ANY QUESTIONS REGARDING HOW TO VOTE, PLEASE CALL SARATOGA PROXY CONSULTING AT (888) 368-0379 OR (212) 257-1311 OR BY EMAIL AT [email protected].
PLEASE KNOW THAT BOTH YOUR INTERACTION WITH OUR PROXY SOLICITOR AND YOUR VOTING DECISION ARE COMPLETELY CONFIDENTIAL.
1 Three-year TSR calculated as of market close on August 10, 2023, the last day prior to the public announcement of the nomination of the Radoff-Sudbury Nominees.
2 10-year TSR calculated as of market close on August 10, 2023, the last day prior to the public announcement of the nomination of the Radoff-Sudbury Nominees.
3 Source: Sports Business Journal, Real Salt Lake Announces LifeVantage Will Supplant Xango As Jersey Sponsor.
4 Source: Bloomberg. FTLF TSR calculated from February 18, 2018 through October 6, 2023. EGY TSR calculated from June 25, 2020 through January 28, 2022.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231019182614/en/