Thursday, May 01, 2008

Mannatech to Pay 11.25 Million to Settle Suit

Source: Global Newswire

"3/20/2008 4:13:00 PM Mannatech Inc. (MTEX) said that it has reached a settlement with counsel for the lead plaintiff in the securities class action lawsuit styled Jonathan Crowell v. Mannatech Inc., et al., in the United States District Court for the Northern District of Texas.

The litigation is the consolidation of three securities class action complaints filed against Mannatech and certain of its officers and directors in August and September 2005. The settlement class consists of the purchasers of Mannatech stock during the period August 10, 2004 through July 30, 2007.

Without admitting any liability or wrongdoing of any kind, the company has agreed to authorize payment to the plaintiff class of $11.25 million. This settlement payment would be funded by both the company's insurer and the company itself. "

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