| Company: | Medifast Inc |
| Ticker Symbol: | MED |
| Class Period: | Mar-4-10 to Mar-10-11 |
| Date Filed: | Mar-18-11 |
| Lead Plaintiff Deadline: | May-17-11 |
| Court: | District of Maryland |
| Allegations: | |
Medifast is a Maryland corporation that combines physician-supervised weight loss programs with nutritional supplements and multidisciplinary patient education programs. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was improperly recognizing certain expenses; (2) that the Company lacked adequate internal and financial controls; and (3) that, as a result of the foregoing, the Company's financial results were materially false and misleading at all relevant times.
On March 11, 2011, the Company disclosed that it would be forced to delay the filing of its fiscal 2010 financial results and its Annual Report. According to the limited information provided by the Company regarding the delay, Medifast requires additional time to complete its year-end financial statements due to the need to review the recognition of certain expenses in prior periods. On this news, Medifast shares declined $5.27 per share, or more than 24%, to close at $16.63 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
