Navigation Links
Medifast, Inc. Responds to False Claims

Medifast Schedules Conference Call for Wednesday, February 18, 2009 at 4:15 pm ET

OWINGS MILLS, Md., Feb. 17 /PRNewswire-FirstCall/ -- Medifast, Inc. (NYSE: MED), a leading clinically-proven portion controlled weight-loss program announced today that it will hold an investor call at the close of the market on Wednesday, February 18, 2009 at 4:15 PM EST. The call will address false claims made in a "report" by convicted felon Barry Minkow and the Fraud Discovery Institute.

"This report is false and misleading. Medifast does not customarily respond to spurious claims, however, in this case we felt it was warranted to protect our shareholders and health coaches. We believe most everything he says to be false and made for his own personal gain. He is a liar and can't be trusted," said Michael S. McDevitt, CEO of Medifast, Inc.

"Our business practices comply with generally accepted industry standards of the Direct Selling Association," continued Mr. McDevitt. "Our products are safe, pure and of the highest quality and can significantly improve the quality of life of our customers that are dedicated to achieving a healthy body weight. Of Medifast's 2008 revenues less than one percent (1%) is related to recruiting and none of that revenue is paid out to coaches as part of their compensation. This fact alone completely refutes Mr. Minkow's major premise that our growth is based on recruiting and not increased product sales. The Take Shape For Life business model pays our coaches for increased product sales, which are made in support of helping our clients achieve optimal health."

Mr. Minkow is a convicted felon having served a seven-year prison sentence - from January 1988 to April 1995 - for 57 counts of fraud and conspiracy. His company, The Fraud Discovery Institute and its website states that "...Barry Minkow almost always holds a position in securities reported on, or profiled by, FDI websites. Neither FDI nor Mr. Minkow will report when a position is initiated or covered."

Mr. McDevitt added, "Our distinguished board of directors and executive team is populated with members of the U.S. military, the clergy, academia, and the legal profession. We are dedicated to operating our business with the highest ethical standards that the members of our board demand. In that regard, we are dedicated to protecting the Medifast brand and our products against unsubstantiated allegations. Mr. Minkow has in previous instances issued similar reports on other direct-selling organizations in order to generate downward pressure in companies in which he had an economic interest."

Take Shape For Life, Inc. the direct-selling division of Medifast, inc. is a member of the Direct Selling Association (DSA), the national trade association of the leading firms that manufacture and distributes goods sold directly to consumers.

Medifast, Inc., manufactures the vast majority of its products in its wholly-owned manufacturing facility in Owings Mills, MD. The Company's plant is inspected regularly by the Maryland Department of Health and Hygiene and the Food and Drug Administration (FDA). Over the past 10 years there has not been a single product safety claim made against any Medifast product by any government agency.

Colonel Brad MacDonald, USMC (Ret.), chairman of the Board of Directors of Medifast, Inc., concluded, "This form of a false and unfounded attack is a short term tactic to create fear. However, our long term business model will prevail and prosper because it is based on a principled foundation focused on our customers."

Conference Call:

The Company will conduct a conference call on Wednesday, February 18, 2009 at 4:15 pm EASTERN.

Interested parties can access the call by dialing (877) 407-0782 or (201) 689-8567, or can listen via a live Internet web cast, which can be found at in the section marked "Investor Relations." A replay of the call is available via web cast at until March 17, 2009 or by playback at (877) 660-6853 or (201) 612-7415 through March 17, 2009. Please use account #286 and conference #314120 for the replay.

About Medifast:

Medifast (NYSE: MED) is the leading easy-to-use, clinically proven portion-controlled weight loss program. Medifast has been recommended by more than 15,000 physicians nationwide. The number of customers utilizing the Medifast Weight Loss program exceeds 1 million. Medifast is committed to enriching lives by providing innovative choices for lasting health. Medifast programs have been proven effective through studies by major university teaching hospitals. The company sells its products and programs via four unique distribution channels: 1) the Internet and national call centers; 2) a national network of physicians; 3) medically supervised Medifast Weight Control Centers; and 4) the Take Shape For Life direct-selling division, a network of health coaches. Medifast was founded in 1980 and is located in Owings Mills, Maryland. For more information, log onto

Safe Harbor Statement

Please Note: This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as "intend" or other similar words or the negative of such terminology. Similarly, descriptions of Medifast's objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Medifast believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Medifast's inability to attract and retain independent Associates and Members, stability in the pricing of print, TV and Direct Mail marketing initiatives affecting the cost to acquire customers, increases in competition, litigation, regulatory changes, and its planned growth into new domestic and international markets and new channels of distribution. Although Medifast believes that the expectations, statements, and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release. MED-G

    Company Contact:                      Investor Contact:
    Michael S. McDevitt                   Robert Blum, Joe Diaz, Joe Dorame
    Chief Executive Officer               Lytham Partners, LLC
    410-581-8042                          602-889-9700

SOURCE Medifast, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Medifast, Inc. to Announce Third Quarter of Fiscal Year 2008 Financial Results on Thursday, November 6, 2008
2. Medifast, Inc. to Present at the Canaccord Adams Diabetes & Obesity Conference
3. Medifast, Inc. Names Barry B. Bondroff, CPA to Board of Directors
4. Medifast, Inc. to Announce Fourth Quarter and Fiscal Year-End Results on Wednesday, March 12, 2008
5. Medifast, Inc. Director of Research & Development Co-Authors Health Book
6. Medifast, Inc. to Unveil New Advertising Campaign Featuring Genie Francis and New Web Features in Early 2008
7. Medifast, Inc. Receives Approval to Sell Medifast Weight Control Centers Franchises in Seven Additional States
8. Medifast, Inc. Announces Support for Microsoft HealthVault
9. Lemon Grove Care & Rehabilitation Center Responds to Health Department Announcement
10. Betsy McCaughey Responds to Poorly Informed Critics
11. Virtua Health Responds to Court Order
Post Your Comments:
(Date:11/27/2015)... ... November 27, 2015 , ... According to an ... changing the way that they are handling security in light of the recent terrorist ... presence in an attempt to stop an attack from reaching U.S. soil. Especially around ...
(Date:11/27/2015)... ... November 27, 2015 , ... A team of Swiss doctors has released ... Surviving Mesothelioma has just posted the findings on the website. Click here to ... cases of 136 mesothelioma patients who were treated with chemotherapy followed by EPP surgery. ...
(Date:11/27/2015)... (PRWEB) , ... November 27, 2015 , ... ... filthy the toilets were," said an inventor from Hillside, N.J. "Many people catch ... seat cover so that individuals will always be protected from germs." , He ...
(Date:11/27/2015)... ... November 27, 2015 , ... The ... of USA Today in Atlanta, Dallas, New York, Minneapolis, South Florida, with a ... component is distributed nationally, through a vast social media strategy and across a ...
(Date:11/27/2015)... ANGELES, CA (PRWEB) , ... November 27, 2015 , ... MPWH, the No.1 Herpes-only dating ... of 30 (see Table 1-1 ). More than 3.7 billion people under the ... virus type 1 (HSV-1), according to WHO's first global estimates of HSV-1 infection . ...
Breaking Medicine News(10 mins):
(Date:11/25/2015)... 25, 2015 AAIPharma Services Corp./Cambridge Major ... at least $15.8  Million to expand its laboratories ... . The expansion will provide additional office ... growing demands of the pharmaceutical and biotechnology markets. ... will provide up to 40,000 square feet of ...
(Date:11/25/2015)... 25, 2015  Henry Schein, Inc., the world,s largest ... dental, medical and animal health practitioners, will unveil at ... Henry Schein ConnectDental® Pavilion , which brings together for ... solutions designed to help any practice or laboratory enter ... for a schedule of experts appearing at the Pavilion. ...
(Date:11/25/2015)... , Nov. 25, 2015  Trovagene, Inc. (NASDAQ: ... announced that Chief Executive Officer Antonius Schuh, Ph.D., is ... th Annual Piper Jaffray Healthcare Conference. ... New York Palace Hotel in New York ... p.m. EST. Mr. Schuh will be available for one-on-one ...
Breaking Medicine Technology: