Medifast to Pay SEC Penalty of $200,000 Over Financial Restatements
Weight-loss solution provider Medifast has agreed to settle with the Securities and Exchange Commission over the restatement of certain items in financial records from 2006 to 2009, the company announced today.
Medifast said the SEC took into consideration a series of steps taken by the company to rectify the situation, including retaining certain executives and accounting personnel. Under the terms of the settlement, Medifast will pay a civil penalty of $200,000 to the SEC. Additionally, without admitting or denying the SEC's findings, the company has consented to a cease and desist order from the SEC.
Since the beginning of 2013, Medifast has seen its stock price rise from $26.39 to a peak of $29.32 per share. Currently, the company trades at $26.08.
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