# EDGAR Filing Document

**Accession Number:** 0000814586
**File Stem:** 0001683168-25-009147
**Filing Date:** 2025-12
**Character Count:** 9277
**Document Hash:** 2bc8032246b831ad462d3c30280eeb4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-009147.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001683168-25-009147

**CONFORMED SUBMISSION TYPE**: DFAN14A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lifeway Foods, Inc.
- **CENTRAL INDEX KEY:** 0000814586
- **STANDARD INDUSTRIAL CLASSIFICATION:** DAIRY PRODUCTS [2020]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 363442829
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DFAN14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42398
- **FILM NUMBER:** 251571051

**BUSINESS ADDRESS:**
- **STREET 1:** 6431 W OAKTON
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053
- **BUSINESS PHONE:** 847-967-1010

**MAIL ADDRESS:**
- **STREET 1:** 6431 W OAKTON
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIFEWAY FOODS INC
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMOLYANSKY EDWARD
- **CENTRAL INDEX KEY:** 0001227847

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** DFAN14A

**MAIL ADDRESS:**
- **STREET 1:** 1219 N WELLS ST
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60610

**LIFEWAY SHAREHOLDER RELEASES KEY DEPOSITION INSIGHTS, CALLS FOR WITHHOLD VOTE ON LEGACY DIRECTORS DORRI McWHORTER, JULIE SMOLYANSKY, AND JASON SCHER**

Chicago, IL — December 15, 2025. Edward Smolyansky, largest individual shareholder and nominee for director of Lifeway Foods, Inc. (Nasdaq: LWAY), released key findings from 2023 sworn deposition highlighting major governance breakdowns under then CEO/Chair Julie Smolyansky and the failure of legacy directors, Dorri McWhorter (current Board Chairperson) and Jason Scher to hold management accountable, ahead of the crucial shareholder decision.

The following summary draws solely from Ms. McWhorter's sworn deposition testimony and highlights why shareholders should **WITHHOLD** votes from the three legacy directors at the upcoming Annual Meeting.

------

**1. Fundamental Lack of Awareness of Investor Discontent** 

Perhaps the most alarming disclosure is Ms. McWhorter's admission that she was **unaware** of the 2023 investor campaign

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· She had **not reviewed** the widely circulated 2023 activist letter by KWM blasting the CEO and Board for governance
 failures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· She had **no recollection** of the accompanying press release by Lifeway, initially reading it *during* the
 deposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· She
could not recall any Board discussion about the concerns raised by Lifeway's largest long-term shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· She
was unfamiliar with shareholder allegations regarding board accountability, disclosure failures, and compliance with the 2021 Settlement
Agreement.

The failure to stay abreast of shareholder concerns, in our opinion, raises significant red flags about her ability to act as a fiduciary for all shareholders.

------

**2. Lack of Awareness of Whistleblower Claims and Key Governance Risks**

Next, Ms. McWhorter confirmed that she:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Did **not know** whether Lifeway's then-CFO made Sarbanes-Oxley whistleblower allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Did **not know** whether those allegations were settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Did **not know** whether the Board investigated or even discussed them.

These are not minor administrative details. Whistleblower activity involving the CFO — the executive responsible for financial reporting, controls, and investor disclosures — is a *material governance event*.

A Board Chair who is unaware of whistleblower allegations inside the finance function is not exercising effective oversight.

------

**3. Improper Oversight of the failed 2021 Glen Oaks Acquisition**

Ms. McWhorter testified that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
Board did **not approve** the 2021 acquisition of Glen Oaks prior to announcement of the deal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Management
informed the Board only **after signing the agreement**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
Board meeting occurred to authorize the purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
Delegation of Authority was changed only *after* the fact.

Shareholders rely on the Board to review and supervise major corporate transactions. Ms. McWhorter's testimony suggests the Board learned about a multimillion-dollar acquisition only after it was completed.

Once again, Ms. McWhorter and legacy directors, including Jason Scher, failed to provide needed oversight and failed to act as true fiduciary for all shareholders.

------

**4. Selective Enforcement of Conduct Policies and Breakdown of Oversight Integrity**

Despite being unaware of major governance issues involving the CEO, Ms. McWhorter testified that the Board relied heavily on a **single email from 2018** to terminate then-COO and director **Edward Smolyansky** in 2022.

Under oath she agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
code of conduct applies equally to **all** officers, including the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Threatening
language warrants **immediate discipline or termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
the CEO sent similar communications, the same rules would apply.

Yet she also testified that she:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Was **unaware** of whether the CEO ever sent comparable messages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Could
not recall whether the Board investigated whether the CEO engaged in such conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Was
unaware of evidence contradicting the Board's selective enforcement.

In short, the Board aggressively scrutinized one officer while **failing to investigate** whether the same standards applied to the CEO. That is not oversight — it is entrenchment.

------

**Conclusion: Lifeway's legacy directors including Dorri McWhorter, Julie Smolyansky, and Jason Scher have failed to provide oversight and to meet their fiduciary obligations to all shareholders.** 

Across every category of governance — oversight of management, engagement with shareholders, enforcement of policies, response to whistleblower issues, M&A supervision, compliance with agreements, and adherence to corporate procedures — Ms. McWhorter's testimony highlights a Board that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Failed in its obligations to stay engaged about shareholder concerns**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Failed in its obligations to maintain independence**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Lacked awareness of robust corporate governance practices**, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Failed to provide meaningful oversight**.

These failures threaten shareholder value and undermine the integrity of Lifeway's governance.

For Lifeway to move forward, shareholders must demand **competent, informed, independent board leadership**.

**We therefore urge all shareholders to VOTE WITHHOLD on Dorri McWhorter, Julie Smolyansky, and Jason Scher.**

**And vote FOR election of Edward Smolyansky and George Sent on the GREEN proxy card.** 

Thank you for your support and commitment to restoring Lifeway's value.

Edward Smolyansky

Key Shareholder, Shareholder Nominee for the Board of Directors

For More Information visit my Linkedin profile www.linkedin.com/in/edward-smolyansky-a2293627a

**Important Information**

This communication is not a request for a proxy to vote on any matter. Any written solicitation of a proxy by Mr. Smolyansky will be made through the definitive proxy statement (the "[Shareholder Proxy Statement](http://www.sec.gov/Archives/edgar/data/814586/000168316825008906/smolyansky_defn14a.htm)"). Lifeway shareholders are urged to read the Shareholder Proxy Statement, including any amendments or supplements thereto, and any other soliciting materials, when they become available as they will contain important information. Shareholders may obtain, free of charge, copies of the [Shareholder Proxy Statement](http://www.sec.gov/Archives/edgar/data/814586/000168316825008906/smolyansky_defn14a.htm) at sec.gov.

**Participants in the Solicitation**

Mr. Smolyansky has notified the Company of his intent to nominate himself and George Sent for election as directors of Lifeway at the 2025 Annual Meeting. Each of them may be deemed to be a participant in any solicitation of proxies by Mr. Smolyansky. Lifeway shareholders can find information regarding Mr. Smolyansky and Mr. Sent, and their respective direct or indirect interests, by security holdings or otherwise, in the Shareholder Proxy Statement and in Mr. Smolyansky's other filings with the SEC, all of which information is incorporated herein by reference.