{"id":808604,"date":"2025-02-04T10:55:07","date_gmt":"2025-02-04T15:55:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\/"},"modified":"2025-02-04T10:55:07","modified_gmt":"2025-02-04T15:55:07","slug":"c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\/","title":{"rendered":"\/C O R R E C T I O N &#8212; Edward and Ludmila Smolyansky\/"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>In the news release, Edward and Ludmila Smolyansky Request Lifeway Foods Inc. NASDAQ (LWAY) CEO Julie Smolyansky Immediately Withdraws Her Lawsuit Against Edward Smolyansky. Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle, issued <span class=\"xn-chron\">03-Feb-2025<\/span> by <span class=\"xn-person\">Edward and Ludmila Smolyansky<\/span> over PR Newswire, we are advised by the company that &#8220;Withdraws&#8221; in the headline should read &#8220;Withdraw&#8221;. The complete, corrected release follows:<\/p>\n<h3>Edward and Ludmila Smolyansky Request Lifeway Foods Inc. NASDAQ (LWAY) CEO Julie Smolyansky Immediately Withdraw Her Lawsuit Against Edward Smolyansky. Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle<\/h3>\n<p>      <!--Begin actual release body--><\/p>\n<ul type=\"disc\">\n<li>Summarizes recent filings and next steps, previews upcoming proxy schedule\n<\/li>\n<li>Reaffirms and updates previously stated goal<\/li>\n<\/ul>\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">CHICAGO<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Feb. 3, 2025<\/span><\/span> \/PRNewswire\/ &#8212; Edward and Ludmila Smolyansky\u00a0(&#8220;Founding Shareholders&#8221;), who together exercise sole voting control with respect to approximately 28% of the outstanding shares of common stock of Lifeway Foods, Inc. (&#8220;Lifeway&#8221; or the &#8220;Company&#8221;), today requested that Lifeway&#8217;s Board of Directors force its CEO and Chairperson, <span class=\"xn-person\">Julie Smolyansky<\/span> to immediately withdraw her most recent lawsuit filed in <span class=\"xn-location\">Cook County, IL<\/span> against the Company&#8217;s largest individual shareholder <span class=\"xn-person\">Edward Smolyansky<\/span>.<\/p>\n<p>On <span class=\"xn-chron\">December 23, 2024<\/span>, Lifeway&#8217;s Compensation Committee, led by director <span class=\"xn-person\">Jason Scher<\/span>, awarded what was described as a <span class=\"xn-money\">$2 million<\/span> &#8220;retention bonus.&#8221;\u00a0 The Smolyanskys believe this was yet another desperate leverage tactic to enable <span class=\"xn-person\">Julie Smolyansky<\/span> to continue to fund her war against the Founding Shareholders. Directors Scher and Pol Sikar in particular, given their decades old family ties to <span class=\"xn-person\">Julie Smolyansky<\/span> and her spouse and former jeweler, <span class=\"xn-person\">Jason Burdeen<\/span>, have deep and conflicting personal motives that run contra to those of the rest of the Company&#8217;s shareholders. These obvious conflicts are presented at<u>\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4354388-1&amp;h=2512469754&amp;u=http%3A%2F%2Fwww.lifebacktolifeway.com%2F&amp;a=www.lifebacktolifeway.com\" target=\"_blank\" rel=\"nofollow\">www.lifebacktolifeway.com<\/a><\/u>. Additionally, the Smolyanskys intend to expand their ongoing investigation, which began in 2019 and which followed the departure of two CFOs in 2018 alone and ultimately led to the departures of two independent directors and the Company&#8217;s general counsel shortly thereafter.<\/p>\n<p>\n        <span class=\"xn-person\">Edward Smolyansky<\/span> said, &#8220;Lifeway seems determined to plunge the Company deeper and deeper into litigation this time via proxy by Julie. We look forward to providing all shareholders a fully transparent accounting of the inner workings of America&#8217;s Worst Governed Publicly Traded Company.&#8221;<\/p>\n<p>\n        <span class=\"xn-person\">Ludmila Smolyansky<\/span> stated, &#8220;After they cut a check to Julie for <span class=\"xn-money\">$2 million<\/span>, I anticipated that she would file a lawsuit against Edward the following month.&#8221; Mrs. Smolyansky continued, &#8220;On <span class=\"xn-chron\">January 23<\/span>, Julie filed suit. In anticipation of this, on <span class=\"xn-chron\">January 3<\/span>, I began to sell some of my shares to defend Edward. I have no choice, as\u00a0Lifeway&#8217;s legal counsel has refused to provide the adequate paperwork to Edward to monetize his holdings in LWAY as permitted under our 1999 Shareholders Agreement between our family member and Group Danone.&#8221;<\/p>\n<p>The activist campaign that The Smolyanskys launched in 2022 has produced significant increases in the value of Lifeway&#8217;s share price, yet Julie and her Board seem determined to obstruct the ability to monetize these assets and prohibit making significant charitable contributions. For example, last May, the charitable arm of the Founding Shareholders&#8217; new organization, Pure Culture Organics, <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4354388-1&amp;h=1402310429&amp;u=https%3A%2F%2Fwww.prweb.com%2Freleases%2Fpure-culture-organics-and-the-ludmila-and-edward-smolyansky-foundation-pledge-1-million-in-support-of-lurie-childrens-hospital-302160249.html&amp;a=announced+its+commitment\" target=\"_blank\" rel=\"nofollow\">announced its commitment<\/a><\/u> to the Ann &amp; Robert H. Lurie Children&#8217;s Hospital of <span class=\"xn-location\">Chicago<\/span>.<\/p>\n<p>\n        <span class=\"xn-person\">Ludmila Smolyansky<\/span> stated, &#8220;While my daughter&#8217;s Board can attempt to interfere with our philanthropic efforts, these are mere speed bumps on the road to our singular goal, fresh new management and new independent slate of Directors.&#8221;<\/p>\n<p>For more information and update to date news connect with Edward on LinkedIn @ <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4354388-1&amp;h=3281748125&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fedward-smolyansky-a2293627a%3Flipi%3Durn%253Ali%253Apage%253Ad_flagship3_profile_view_base_contact_details%253BFVN305cFRuGKxu6Qt5kYsw%253D%253D&amp;a=Edward+Smolyansky+\" target=\"_blank\" rel=\"nofollow\"><span class=\"xn-person\">Edward Smolyansky<\/span><\/a><\/u>and visit <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4354388-1&amp;h=2512469754&amp;u=http%3A%2F%2Fwww.lifebacktolifeway.com%2F&amp;a=www.lifebacktolifeway.com\" target=\"_blank\" rel=\"nofollow\">www.lifebacktolifeway.com<\/a><\/u> to learn more about the Proxy Campaign.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=FL10700A&amp;sd=2025-02-04\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/edward-and-ludmila-smolyansky-request-lifeway-foods-inc-nasdaq-lway-ceo-julie-smolyansky-immediately-withdraws-her-lawsuit-against-edward-smolyansky-reiterate-and-reaffirm-singular-goal-amid-ongoing-activism-battle-302366859.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/edward-and-ludmila-smolyansky-request-lifeway-foods-inc-nasdaq-lway-ceo-julie-smolyansky-immediately-withdraws-her-lawsuit-against-edward-smolyansky-reiterate-and-reaffirm-singular-goal-amid-ongoing-activism-battle-302366859.html<\/a><\/p>\n<p>SOURCE  <span class=\"xn-person\">Edward and Ludmila Smolyansky<\/span><\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=FL10700&amp;Transmission_Id=202502041051PR_NEWS_USPR_____FL10700A&amp;DateId=20250203\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire In the news release, Edward and Ludmila Smolyansky Request Lifeway Foods Inc. NASDAQ (LWAY) CEO Julie Smolyansky Immediately Withdraws Her Lawsuit Against Edward Smolyansky. Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle, issued 03-Feb-2025 by Edward and Ludmila Smolyansky over PR Newswire, we are advised by the company that &#8220;Withdraws&#8221; in the headline should read &#8220;Withdraw&#8221;. The complete, corrected release follows: Edward and Ludmila Smolyansky Request Lifeway Foods Inc. NASDAQ (LWAY) CEO Julie Smolyansky Immediately Withdraw Her Lawsuit Against Edward Smolyansky. Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle Summarizes recent filings and next steps, previews upcoming proxy schedule Reaffirms and updates previously stated goal CHICAGO , Feb. 3, 2025 \/PRNewswire\/ &#8212; Edward and Ludmila Smolyansky\u00a0(&#8220;Founding &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;\/C O R R E C T I O N &#8212; Edward and Ludmila Smolyansky\/&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-808604","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\/C O R R E C T I O N - Edward and Ludmila Smolyansky\/ - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\/C O R R E C T I O N - Edward and Ludmila Smolyansky\/ - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire In the news release, Edward and Ludmila Smolyansky Request Lifeway Foods Inc. NASDAQ (LWAY) CEO Julie Smolyansky Immediately Withdraws Her Lawsuit Against Edward Smolyansky. Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle, issued 03-Feb-2025 by Edward and Ludmila Smolyansky over PR Newswire, we are advised by the company that &#8220;Withdraws&#8221; in the headline should read &#8220;Withdraw&#8221;. The complete, corrected release follows: Edward and Ludmila Smolyansky Request Lifeway Foods Inc. NASDAQ (LWAY) CEO Julie Smolyansky Immediately Withdraw Her Lawsuit Against Edward Smolyansky. Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle Summarizes recent filings and next steps, previews upcoming proxy schedule Reaffirms and updates previously stated goal CHICAGO , Feb. 3, 2025 \/PRNewswire\/ &#8212; Edward and Ludmila Smolyansky\u00a0(&#8220;Founding &hellip; Continue reading &quot;\/C O R R E C T I O N &#8212; Edward and Ludmila Smolyansky\/&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-04T15:55:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=FL10700A&amp;sd=2025-02-04\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"\\\/C O R R E C T I O N &#8212; 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Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle Summarizes recent filings and next steps, previews upcoming proxy schedule Reaffirms and updates previously stated goal CHICAGO , Feb. 3, 2025 \/PRNewswire\/ &#8212; Edward and Ludmila Smolyansky\u00a0(&#8220;Founding &hellip; Continue reading \"\/C O R R E C T I O N &#8212; Edward and Ludmila Smolyansky\/\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\/","og_site_name":"Market Newsdesk","article_published_time":"2025-02-04T15:55:07+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=FL10700A&amp;sd=2025-02-04","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/c-o-r-r-e-c-t-i-o-n-edward-and-ludmila-smolyansky\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"\/C O R R E C T I O N &#8212; 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