Weight-loss solution provider Medifast (NYSE:MED) has agreed to settle with the Securities and Exchange Commission over the restatement of certain items in financial records from 2006 to 2009, the company announced today.
Medifast said the SEC took into consideration a series of steps taken by the company to rectify the situation, including retaining certain executives and accounting personnel. Under the terms of the settlement, Medifast will pay a civil penalty of $200,000 to the SEC. Additionally, without admitting or denying the SEC's findings, the company has consented to a cease and desist order from the SEC.
Since the beginning of 2013, Medifast has seen its stock price rise from $26.39 to a peak of $29.32 per share. Currently, the company trades at $26.08.
Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.