Navigation Links
Medifast, Inc. Announces Favorable Resolution of Securities Class Action Lawsuit
Date:4/1/2013

OWINGS MILLS, Md., April 1, 2013 /PRNewswire/ -- Medifast, Inc. (NYSE: MED), a leading United States manufacturer and provider of clinically proven, portion-controlled weight-loss products and programs, today announced the favorable resolution of a securities class action lawsuit initiated in March, 2011. 

(Logo: http://photos.prnewswire.com/prnh/20120613/NE24271LOGO-b)

Maryland U.S. District Judge George L. Russell III said he agreed with Medifast's argument that the financial restatements in March, 2010 due to discovered errors in its tax calculations were the result of rapid growth and a transition to a new auditing team.

"We are very pleased with the federal judge's ruling and support of Medifast," commented Michael C. MacDonald , Medifast's Chairman and Chief Executive Officer. "We believe we have the right team in place and have implemented much improved financial reporting processes and procedures to continue to support the future growth of our multi-channel business model with Take Shape for Life, Medifast Direct, and the Medifast Weight Control Center and Wholesale Physicians sales channels."

About Medifast

Medifast (NYSE: MED) is the leading easy-to-use, clinically proven, portion-controlled weight-loss program. The company sells its products and programs via four unique distribution channels: 1) the web and national call centers, 2) the Take Shape For Life personal coaching division, 3) Medifast Weight Control Centers, and 4) a national network of physicians. Medifast was founded in 1980 and is located in Owings Mills, Maryland. For more information, log onto www.MedifastNow.com.

Forward Looking Statements

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 Health Coaches 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-F


'/>"/>
SOURCE Medifast, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Precision Optics Corporation Announces $1 Million Order for Microprecision™ Based Endoscopes
2. Young Innovations, Inc. Announces Record Sales and EPS for the Quarter Ended March 31, 2012
3. JDRF Announces Research Collaboration with Dexcom, Inc. to Develop "Smart Transmitter" Technology to Accelerate Artificial Pancreas Studies
4. Misonix Announces New Distribution Agreement For Panama
5. University of Maryland BioPark Announces MedImmunes Dr. Bahija Jallal as Newest Member of Board of Directors for UM Health Sciences Research Park
6. Novelos Therapeutics Announces Successful Completion of First Cohort In Lung Cancer Trial With I-124-CLR1404 (LIGHT) Cancer-Targeted PET Imaging Agent at UW Carbone Cancer Center
7. Boston Scientific Announces CE Mark and European Launch of Emerge™ PTCA Dilatation Catheter
8. Soligenix Announces Further Progress with ThermoVax™ for Long-Term Vaccine ThermoStability
9. Masimo Announces New Low-Profile Infant and Neonatal Pulse Oximetry Sensors
10. Anthera Announces the Completion of Patient Dosing in Phase 2b PEARL-SC Study
11. STAAR Surgical Announces First Quarter 2012 Results Release Date and Conference Call and Webcast
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/21/2017)... Halo Labs announces the launch of a ... called the Horizon at PEGS 2017 in ... analyzes sub visible particulate matter in biopharmaceutical samples to ... early as candidate selection and pre-formulation. Halo ... organization Elion Labs for system validation. "We ...
(Date:4/20/2017)...  Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), ... it will be participating in the Deutsche Bank Securities ... in Boston, Massachusetts on Wednesday, ... a.m. Eastern Time. A live webcast of ... Relations website at http://investor.zimmerbiomet.com .  The webcast will ...
(Date:4/20/2017)... Research and Markets has announced the addition of the ... Injectables Market and Increasing Usage of Complex Biologics during the Forecast ... ... USD 20 Billion in 2015 to around USD 26 Billion by ... Driven by Rapidly Expanding Injectables Market and Increasing Usage of Complex ...
Breaking Medicine Technology:
(Date:4/29/2017)... (PRWEB) , ... April 29, 2017 , ... ... Grocery Company to the list of fine retailers selling biodegradable, hanging flushable wipes ... H.E.B., a large supermarket chain headquartered in San Antonio, Texas, operates more than ...
(Date:4/29/2017)... , ... April 29, 2017 , ... ... the profession and recognize the positive impact veterinarians have on animal health and ... the World Organization for Animal Health (OIE) choose a theme each year and ...
(Date:4/28/2017)... ... April 28, 2017 , ... The National Campaign ... for the Access to Contraception for Women Servicemembers and Dependents Act of 2017. ... (D-CA), will help to ensure that all members of the Armed Forces receive ...
(Date:4/28/2017)... (PRWEB) , ... April 28, 2017 , ... It's not ... are a number of illnesses that are unclear as to whether or not they ... heads. Bronchitis is one of these illnesses. So, FindaTopDoc took a look into the ...
(Date:4/28/2017)... City, UT (PRWEB) , ... April 28, 2017 , ... ... in some of their formulas. This begins with the popular ClearLungs Extra Strength formula. ... will be changing the formula in the following ways:, , ...
Breaking Medicine News(10 mins):