Lifeway Foods(US:LWAY) Prnewswireยท2025-07-11 19:50Core Viewpoint - The Smolyanskys, significant shareholders of Lifeway Foods, are actively pursuing a consent solicitation to remove the current board of directors and replace them with their nominated candidates, citing dissatisfaction with the board's actions and accountability [1][9]. Group 1: Consent Solicitation Process - The Smolyanskys have initiated a consent solicitation process, filing a definitive Consent Statement with the SEC on July 2, 2025, and report positive responses from other shareholders [1][2]. - Lifeway Foods has publicly stated that the consent solicitation is legally deficient, claiming inadequate notice to shareholders and the absence of a record date [2][3]. - The Smolyanskys assert that their request for a record date and shareholder list remains unfulfilled, indicating a lack of transparency from the board [2][3]. Group 2: Board Accountability and Actions - The Smolyanskys criticize the board for postponing the 2025 annual meeting and for not being responsive to shareholder concerns, urging shareholders to support their consent solicitation [3][6]. - Recent filings suggest that the board does not believe its own statements regarding Danone's $27 per share offer, which it claims undervalues the company, raising questions about the board's credibility [4][5]. - Jason Scher, the lead independent director, sold nearly all his shares, which raises concerns about the board's commitment to the company's future and contradicts their stance on the undervaluation of the company [5][6]. Group 3: Call to Action - The Smolyanskys are encouraging shareholders to sign and return WHITE consent cards to support their initiative to replace the current board [6][9]. - They have provided a platform for shareholders to obtain more information and engage with their campaign through FreeLifeway.com and LinkedIn [6].