Mannatech Cleard By SEC For Sacking Accountant
Mannatech, a health and wellness network marketing company based out of Coppell, Texas, has been just announced they habe been exonerated and cleared by the SEC for firing their accounting firm.
In early September, they were severed with a Wells notice from the SEC stating they were looking into the firing of accounting firm Grant Thornton LLP. You can look here for more info on that.
Although it was an informal inquiry, it was still more bad news for a company that has had a rough time of it as of late. They were sued by the Texas AG for allegedly exaggerating product claims, and then posted heavy losses (over $10m) in the 2nd quarter of this year. You can check out more on that here.
Mannatech is a network marketing company with a unique product – “glyconutrients” – to the masses. Of course, you have the opportunity to purchase the product OR become a re-seller of the product. Being a publicly-traded company, they face a level of financial and legal oversight that private companies avoid, and that oversight has wraught havoc on their stock price and recruiting efforts this past year.
But they now have good news to report -upon extensive review of the situation, Mannatech has been cleared of any wrongdoing and will not face any formal sanctions from the SEC.