|  | | 2008 News and Press Releases | | |
SETTLEMENT NEWS:
Mannatech Reaches Settlement in Securities Class - Action Lawsuit
Staff Writer
Business Wire. March 20, 2008
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EXCERPT: Mannatech, Incorporated (NASDAQ: MTEX) today announced that the Company and counsel for the lead plaintiff have reached a settlement in the securities class action lawsuit styled Jonathan Crowell v. Mannatech, Inc., et al., Civil Action No. 3:07-CV-00238-K, in the United States District Court for the Northern District of Texas ("the litigation"). The litigation is the consolidation of three securities class action complaints filed against Mannatech, Incorporated, and certain of its officers and directors in August and September 2005. The settlement class consists of the purchasers of Mannatech stock during the period August 10, 2004 through July 30, 2007. This settlement, which is subject to among other things preliminary and final Court approval, would resolve all the claims in the litigation. Without admitting any liability or wrongdoing of any kind, the Company has agreed to authorize payment to the plaintiff class of $11.25 million. This settlement payment would be funded by both the Company' s insurer and the Company itself. Because the litigation is a class action, the settlement is subject to the preliminary approval of the Court as well as the Court' s final approval after notice of the terms of the settlement has been provided to all class members. |
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