Mannatech (NASDAQ: MTEX) disclosed on Friday that it had received a Wells Notice from the SEC, indicating that the commission may pursue enforcement action.
In the press release, Mannatech said that the notice is "related to the timing and completeness of Mannatech's October 2007 disclosure regarding its dismissal of Grant Thornton LLP as its independent registered public accountants."
Back in October, when Mannatech fired Grant Thornton, I questioned the timing and rationale of the decision and now it seems the SEC isn't satisfied with the company's reason for the end of the relationship. Amazingly, shares of Mannatech didn't tank today, but they should have: the integrity of the company's management, directors and disclosures has been called into question, and if you don't know if the company is telling the truth, it's hard to tell how much it's worth.
If you need another reason not to own shares of Mannatech, consider the lawsuit filed against the company by the Texas attorney general alleging illegal marketing practices.
Last updated: February 09, 2010: 05:01 PM
Hot Stocks
DailyFinance Headlines
- The Dow's Jump Doesn't Mean All's Well in Europe
- Hermes Opens Store Just for Men
- PepsiCo Earnings Preview: Company Is a Mirror of the Economy
- Toyota Adds Some 2010 Camry Models to Recall; Feds Looking into Corolla Steering
- The Wages of Recession: Average 2010 Raises Will Barely Cover Inflation
TheFlyOnTheWall.com Headlines
- Options Update; FEB 9, 2010
- TheStreet.com regains compliance with NASDAQ listing rule
- Vion Pharma reports positive results from Phase 1 Triapine study
- Companies reporting Before the Market Open on Wednesday, February 10
- Companies reporting After the Market Close on Tuesday, February 9
BioHealth Investor Headlines
- Cell Therapeutics Facing Tougher FDA (CTIC)
- New Restless Leg Syndrome Review for XenoPort (XNPT, GSK)
- AMAG Fights Back (AMAG)
- Human Genome Sciences… When Insiders Sell Stock (HGSI)
- 10-Bagger Hunt Heads Back to Repros (RPRX)
WalletPop Headlines
- Deaths spark crib recall: CSPC says to stop using Generation 2 and ChildESIGNS cribs
- Survey says? Homeowners think real estate collapse is over
- Dave Ramsey's recession-themed pick-up lines
- Valentine's Day is the best time to buy a sports car
- Credit checks don't tell potential employers enough to allow them
My Portfolios
Track your stocks here!
Find out why more people track their portfolios on AOL Money & Finance then anywhere else.
BloggingStocks Partners
More from AOL Money & Finance
- Money
- Stock Screener
- Stock Quotes
- Stock Charts
- Banking
- Identity Theft
- DJIA
- Debt Management
- Loans
- Auto Loan
- Mortgages
- Taxes
- Retirement
- Insurance
- Small Business
- Earnings
- Dow Jones Industrial Average
- Tech News
- Tax Forms
- Tax Deductions
- Tax Credit
- Tax Audit
- Tax Advice
- Stock Ticker
- Stock Brokers
- Resume Builder
- Pig Flu
- Online Tax Filing
- Madoff
- Investing For Retirement
- Income Tax
- Historical Stock Prices
- GOOG
- ETF Investing
- Deals
- DailyFinance
- Crude Oil Prices
- Credit Score Calculator
- Common Tax Filing Mistakes
- AMT
- Zhu Zhu Pets
- Small Business Checking Account
- Crib Recall
WalletPop Headlines
- Deaths spark crib recall: CSPC says to stop using Generation 2 and ChildESIGNS cribs
- Survey says? Homeowners think real estate collapse is over
- Dave Ramsey's recession-themed pick-up lines
- Valentine's Day is the best time to buy a sports car
- Credit checks don't tell potential employers enough to allow them


