Medifast Enters Into Settlement With SEC On Restatement Of Certain Items

(RTTNews) - Medifast Inc. (MED) said that it entered into a settlement with the Securities and Exchange Commission or "SEC" related to the restatement of certain items in the Company's previously issued financial statements for 2006 through 2009.

As per the settlement, the Company, without admitting or denying the SEC's findings, consented to the entry of a cease-and-desist order and agreed to pay a civil penalty of $200,000.

In determining to accept the settlement, the SEC considered remedial acts undertaken by the Company, including retention of additional executive management and accounting personnel and the enhancement of internal controls.