Mannatech Says SEC Will Not Take Action Over Firing
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Mannatech Inc. said Thursday that the Securities and Exchange Commission has completed its investigation into the firing of its accounting firm -- and will not take action against the company.
In September, the Coppell-based maker of nutritional supplements was issued a so-called Wells notice, signaling that the SEC's enforcement division planned to ask the commission to begin cease-and-desist proceedings against Mannatech for firing its former auditor, Grant Thornton LLP, in October 2007.
Mannatech fired Grant Thornton after the tax firm gave the company an ultimatum: Either remove chairman and founder Sam Caster or find a new accountant. Mannatech chose the latter.