Medifast, Inc. Complaints Against FDI Pending With the United States Department of Justice, the United States Securities and Exchange Commission, the Maryland Securities Co... (legations were made in mid- February 20...)

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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

legations were made in mid- February 2009 and were immediately followed by significant short selling and short selling option puts that shaved more than $30 million from the market capitalization of Medifast. The company has demanded that this third party take down its website information containing false information or be subject to appropriate legal action.

Medifast, in a press release on February 17, 2009, responded to the false claims in United States Securities and Exchange Commission File #: 001-31573; Film #: 09617581. The Medifast Independent Committee appointed as chairman Mr. Barry B. Bondroff, CPA, an officer and director of the law firm Gorfine, Schiller & Gardyn, PA. Members of the Committee include: Mr. George J. Lavin, Esq, founding partner of the law firm, Lavin, O'Neil, Ricci, Ceprone & Dispicio, who is an expert in Product Liability Law; Lt. Gen. Dennis M. McCarthy USMC (Ret.), Executive Director of the Reserve Officers Association of the United States and a licensed attorney; Capt. Joseph D. Calderone USNR (Ret.), chaplain and counselor of the Villanova University Law School; and Mr. Charles P. Connolly, former president and chief executive officer of First Union Corporation of Pennsylvania and Delaware. After an investigation of the facts and information developed to date the committee unanimously agreed that the allegations were false, misleading and or without merit.

Counsel forwarded three cease and desist demands by letter to Mr. Minkow, a convicted felon, and FDI, of which Minkow/FDI confirmed receiving two. After the initial attack in February, 2009,
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