Saturday, February 14, 2009

Mannatech Settles Shareholder Lawsuits

Source: Trading Markets

"Mannatech Inc., the Coppell nutritional supplement maker being sued by the Texas attorney general, agreed Friday to pay $850,000 to settle five shareholder lawsuits. The company did not admit wrongdoing.

An attorney for the plaintiffs did not respond to an interview request Friday.

Between October 2005 and July 2007, four Mannatech shareholders filed five lawsuits accusing top executives of damaging the company through "gross mismanagement, waste of corporate assets" and not monitoring the Web sites of sales staff. "

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