Published: September 02, 2005
Mannatech to Defend Lawsuits
Mannatech, Inc. (NASDAQ: MTEX) learned
yesterday that three additional securities lawsuits have been filed against
the Company and some of its officers seeking class action status. The
Company has reviewed the allegations in the lawsuits and believes they are
without merit. Unfortunately, these types of repetitive lawsuits (seeking
class action status) are common in today's litigious society and many
reputable companies have successfully defended against similar litigation.
The Company believes these new suits are similar to another suit that made
essentially the same allegations that was filed in New Mexico earlier this
year. That litigation was disclosed in the Company's Form 10Q filed on
August 9, 2005, for the period ended June 30, 2005. At that time the
Company commented that the initial litigation was also without merit and
said it would mount a strong defense.
The Company has retained experienced securities litigation counsel to
defend itself and its officers and plans to fight the cases vigorously. The
Company believes that litigation is inherently unpredictable; however when
faced with several lawsuits making similar allegations, the courts
frequently consolidate such cases. It should also be noted that a court
must certify the purported class action status for a case to proceed as a
class action lawsuit and that the courts have not made such a decision in
any of these cases.
About Mannatech, Incorporated
Mannatech, based in Coppell, Texas, is a wellness solutions provider that
sells its products through a global network-marketing system throughout the
United States and the international markets of Canada, Australia, the
United Kingdom, Japan, New Zealand, the Republic of Korea, Taiwan and
Denmark. For additional information about Mannatech, please visit its
corporate Web site: www.mannatech.com.
Please Note: This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, Section
21E of the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
may be identified generally by the use of phrases or terminology such as
"may," "believes," and "will further" or other similar words or the
negative of such terminology. Similarly, descriptions of Mannatech's
objectives, strategies, plans, goals or targets contained herein are also
considered forward-looking statements. Mannatech believes this release
should be read in conjunction with all of its filings with the Securities
and Exchange Commission and cautions its readers that these forward-looking
statements are subject to certain events, risks, uncertainties, and other
factors. Some of these factors include, among others, Mannatech's
inability to attract and retain Associates and Members, increases in
competition, litigation, regulatory changes and its planned growth into new
international markets. Although Mannatech believes that its expectations,
statements, and assumptions reflected in these forward-looking statements
are reasonable, it cautions its readers to always consider all of the risk
factors and any other cautionary statements carefully in evaluating each
forward-looking statement in this release, as well as those set forth in
its latest Annual Report on Form 10-K, and other filings filed with the
Securities and Exchange Commission, including its current reports on Form
8-K. All of the forward-looking statements contained herein speak only as
of the date of this release.
Distributed by Market Wire
Copyright © 2012, MarketWire
Copyright © 2012, NewsBlaze,
Daily News