Cases

Medifast, Inc. Securities Fraud Class Action

Gardy & Notis, LLP has filed a securities fraud class action lawsuit on behalf of all purchasers of Medifast, Inc. (NYSE: MED) stock during a class period of March 4, 2010 to March 10, 2011.

The complaint charges that Medifast and its top executive officers and directors violated the federal securities laws by issuing a series of materially false and misleading statements and/or failed to disclose that Medifast's financial results were materially false and misleading at all relevant times. On March 11, 2011, the Company announced that it would delay the release of its Annual Report and requires additional time to complete its year-end financial statements due to the need to review past expenses in prior periods. The Company's announcement came at the heels of recent disclosures that the Company had dismissed its long-time auditor after a finding of errors in its 2006, 2007 and 2008 financial statements and restating its 2009 Annual Report. On this news, Medifast shares declined $5.27 per share, or more than 24%, to close at $16.63 per share.

For more information regarding the lawsuit or to obtain a copy of the complaint or any Court filings, please contact us.