Pomerantz Law Firm Reminds Shareholders of Medifast, Inc. of Upcoming Deadline -- MED
2011年5月14日 - 7:25AM
Shareholders of Medifast, Inc. ("Medifast" or the "Company")
(NYSE:MED) are reminded of the securities class action lawsuit
against Medifast and certain of its officers. The class action (No.
11 Civ 0720), pending in the District of Maryland, is on behalf of
a class of all persons or entities who purchased or otherwise
acquired Medifast securities during the period from March 4, 2010
through and including March 10, 2011 (the "Class Period"). The
Complaint alleges violations of Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased Medifast securities
during the Class Period and would like to serve as Lead Plaintiff
for the class, you have until May 17, 2011 to ask the Court to
appoint you. A copy of the complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Rachelle R.
Boyle at rrboyle@pomlaw.com or 888.476.6529, toll free. Those who
inquire by e-mail are encouraged to include their mailing address
and telephone number.
Medifast is a Maryland corporation that combines
physician-supervised weight loss programs with nutritional
supplements and multidisciplinary patient education programs. The
Complaint alleges that, throughout the Class Period, Defendants
made false and/or misleading statements, as well as failed to
disclose material adverse facts about the Company's business,
operations, and prospects. Specifically, Defendants made false
and/or misleading statements and/or failed to disclose: (1) that
the Company was improperly recognizing certain expenses; (2) that
the Company lacked adequate internal and financial controls; and
(3) that, as a result of the foregoing, the Company's financial
results were materially false and misleading at all relevant
times.
On March 11, 2011, the Company disclosed that it would be forced
to delay the filing of its fiscal 2010 financial results and its
Annual Report. According to the limited information provided by the
Company regarding the delay, Medifast requires additional time to
complete its year-end financial statements due to the need to
review the recognition of certain expenses in prior periods. On
this news, Medifast shares declined $5.27 per share, or more than
24%, to close at $16.63 per share.
The Pomerantz Firm, with offices in New York, Chicago and
Washington, D.C., is acknowledged as one of the premier firms in
the areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members.
CONTACT: Rachelle R. Boyle
Pomerantz Haudek Grossman & Gross LLP
888-476-6529 (ext. 237)
rrboyle@pomlaw.com
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