The staff of the SEC’s Division of Enforcement has notified Mannatech Inc. that despite earlier Wells Notices, it has now completed its investigation of Mannatech and will not recommend enforcement action against the company. Mannatech announced that it has also been informed by the staff that it will not recommend enforcement action against Mannatech’s CFO and the Chairman of the Audit Committee.
Mannatech previously disclosed in a Form 8-K on September 5, 2008, the receipt by Mannatech and Mannatech’s CFO and Chairman of the Audit Committee of “Wells Notices” from the Staff relating to the timing and completeness of Mannatech’s October 2007 Form 8-K disclosure regarding its dismissal of Grant Thornton LLP as its independent registered public accountants.
Mannatech stated that
Under the SEC’s procedures, Mannatech’s response to the Wells Notice, along with the responses of Mr. Fenstermacher and Mr. Jobe, were submitted to the Staff on October 3, 2008. In a letter dated October 31, 2008 and received on November 4, 2008, the Staff informed Mannatech that it has now concluded its investigation and has determined not to recommend enforcement action against Mannatech or the individuals.