Mannatech Fires Auditors Grant Thornton

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Mannatech Inc. fired its auditors, Grant Thornton, after refusing to comply with GT’s demand that Sam Caster be removed from all duties. Caster is the founder of Mannatech and the current chairman of the board. He resigned as CEO two months ago after Texas started legal proceedings against the company for making illegal health claims about their products.The Board says it didn’t remove Caster from his duties because it wasn’t “in the best interest of shareholders.” Mannatech’s SEC filing regarding the firing of the auditors said that there were no disagreements about accounting principles, audit scope, or financial disclosures.

The new auditors for Mannatech will be BDO Seidman.

Texas Attorney General Finally Goes After Mannatech

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According to an article in the Wall Street Journal, the Texas Attorney General is finally going after Mannatech Inc. Named in the suit are Mannatech Inc., Manna Relief Ministries, The Fisher Institute Samuel L Caster (Chairman and CEO of Mannatech), and Reginald McDaniel (Medical Director).

The allegations include: Continue reading

Defending Mannatech’s Sugar Pills

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Last night, a poor, lost soul posted a comment on my post about the 20/20 expose on multi-level marketing company Mannatech. She’s posted her own lengthy analysis of the company at http://glycofamily.blogspot.com/2007/06/long-entry-about-mannatech-and-response.html. Sadly, she buys into all the hype and false logic that MLMs are so fond of repeating. Continue reading

Mannatech Bogus Health Claims?

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20/20 did a hidden camera investigation for 3 months, going to Mannatech sales pitches around the country. The meetings start with disclaimers that the products don’t cure anything. Yet the meetings are full of testimonials from people who claim they were cured by Mannatech products. Claims are also made that the product is a bigger breakthrough than even penicillin.

Mannatech products are only sold through a multi-level marketing (MLM) plan. Continue reading