SEC clears Mannatech
This article was originally published in The Tan Sheet
The Securities and Exchange Commission will not recommend enforcement action against Mannatech executives following an investigation into the "timing and completeness" of the multi-level marketer's disclosure of its dismissal of its public accountants in October 2007, the firm says Nov. 4. The Coppell, Texas-based company announced in July a 15 percent cut in its U.S. workforce and in March settled class action allegations of stock price inflation (1"The Tan Sheet" July 14, 2008, In Brief)
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The Coppell, Texas-based multi-level marketer will immediately eliminate roughly 15 percent of its U.S. workforce, or approximately 60 positions, as part of an effort to reduce expenses and "reposition the company for improved profitability," the supplement and skin care firm says July 10. The firm's cost-cutting measures also follow recent legal troubles. Mannatech agreed to pay $11.25 million in March to settle class action allegations that it caused its stock to trade at inflated levels between Aug. 10, 2004 and July 30, 2007 by failing to adequately monitor how its associates advertised its products (1"The Tan Sheet" March 24, 2008, In Brief)...
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