Mannatech Issues Correction Concerning Litigation
Monday, Mannatech, Inc. (MTEX), a developer of nutritional supplements, topical and skin care products and weight-management products, issued a correction regarding a statement made in an article published on January 24, 2008.
The Coppell, Texas-based company said the published articled stated that on January 9, 2008 the company had reached a settlement in a lawsuit filed by shareholders.
Mannatech said that the January 9, 2008 reference appeared to refer to a filing made in one of the pending derivative actions, Norma Middleton v. Samuel L. Caster, et al., No. 3:05-cv-2059K, in the United States District Court for the Northern District of Texas, which was corrected by a joint filing the subsequent day.
The joint court filing, signed by counsel for all parties on January 10, 2008, stated that discussions are continuing but a final settlement has not been reached. This joint filing was filed in the Middleton case and Frances Nystrom v. Samuel L. Caster, et al., No. 3:06-cv-93K, in the United States District Court for the Northern District of Texas.
The company said that it had not settled any shareholder lawsuit at this time, but its counsel are engaged in ongoing settlement communications with petitioner's counsel in the various pending suits.
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