Mannatech Reaches Settlement with Attorney General
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Mannatech, Incorporated, a leading developer and provider of proprietary dietary supplements, weight management products and skin care solutions, today announced the company has reached a settlement with the Texas Attorney General's office for a July 2007 civil complaint.
The Texas Attorney General filed a civil complaint in July 2007 related to regulatory compliance and sales practices that predominantly took place from 2002 to 2006. Under the proposed settlement, pending court approval, Mannatech will pay $6 million, of which $4 million is designated for restitution to consumers and $2 million is designated to cover fees and expenses of Texas regulators. The settlement does not include any fine or penalty.
?We appreciate the efforts of Texas Attorney General Greg Abbott and his staff as we worked to reach a settlement that will allow our business to move forward,? said Wayne Badovinus, president and CEO of Mannatech. ?We have made significant changes to our business before and since the filing occurred and are pleased the Texas Attorney General reached a settlement that allows us to move forward as a stronger company, and also continue to offer opportunities to both our corporate staff and independent sales Associates during this down economy.?