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Medifast, Inc. Complaints Against FDI Pending With the United States Department of Justice, the United States Securities and Exchange Commission, the Maryland Securities Commissioner
Date:1/14/2010

Medifast revenue has had over 40% compound year -over-year growth rate since 1999 due to increased product sales

OWINGS MILLS, Md., Jan. 14 /PRNewswire-FirstCall/ -- Medifast, Inc. (NYSE: MED) has been the subject of a series of fraudulent attacks on its stock in a case of outright, deliberate, and possibly illegal market manipulation. Beginning February 17, 2009, Mr. Barry Minkow, a convicted felon, and his Fraud Discovery Institute (FDI) posted on the FDI website a "report" authored by his close associate, Mr. Robert Fitzpatrick, which accused Medifast through its direct selling subsidiary, Take Shape for Life, Inc., of being: 1) an illegal "endless chain" pyramid, and 2) a Ponzi scheme comparable to that perpetrated by Bernard Madoff. The attacks continued with subsequent "reports" and updates posted by Mr. Minkow, Mr. Fitzgerald and their co-conspirators in May and June 2009; and most recently January 8, 2010. The allegations are patently untrue. They were made with the intent to manipulate the share price of Medifast downward (which occurred) in order for Mr. Minkow and others to profit from his subsequently disclosed short position in Medifast stock, which he acquired prior to publishing his first fraudulent attack.

Following the first attack, Medifast, Inc. constituted a committee of prestigious, experienced independent directors to review the public allegations made by Mr. Minkow and his associates on the FDI website pertaining to alleged illegal activities of Take Shape for Life, the direct selling subsidiary of Medifast, Inc.  These public al
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SOURCE Medifast, Inc.
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