Friday, February 20, 2009

Mannatech Says SEC Will Not Take Action Over Firing


"Mannatech Inc. said Thursday that the Securities and Exchange Commission has completed its investigation into the firing of its accounting firm -- and will not take action against the company.

In September, the Coppell-based maker of nutritional supplements was issued a so-called Wells notice, signaling that the SEC's enforcement division planned to ask the commission to begin cease-and-desist proceedings against Mannatech for firing its former auditor, Grant Thornton LLP, in October 2007.

Mannatech fired Grant Thornton after the tax firm gave the company an ultimatum: Either remove chairman and founder Sam Caster or find a new accountant. Mannatech chose the latter. " : Source Link

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