Medifast, Inc. Enters into Settlement
OWINGS MILLS, Md. - Sept. 19, 2013 // PRNewswire // - Medifast, Inc. (NYSE: MED) (the "Company"), a leading United States manufacturer and provider of clinically proven, portion-controlled weight-loss products and programs, entered into a settlement with the Securities and Exchange Commission (the "SEC") related to the restatement of certain items in the Company's previously issued financial statements for 2006 through 2009. Under the settlement, the Company, without admitting or denying the SEC's findings, consented to the entry of a cease-and-desist order and agreed to pay a civil penalty of $200,000. In determining to accept the settlement, the SEC considered remedial acts undertaken by the Company, including retention of additional executive management and accounting personnel and the enhancement of internal controls.
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.
SOURCE Medifast, Inc.
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