NEW ORLEANS, LA--(Marketwire - April 4, 2011) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that only 44 days remain to file lead plaintiff applications in a securities fraud class action lawsuit against Medifast, Inc. ("Medifast" or the "Company") (
Just Friday, shares of Medifast, Inc. fell after the Company announced fourth-quarter results and its first-quarter outlook fell short of expectations. Medifast shares lost $1.74, or 8.8 percent, to close at $18.01.
What You May Do
If you are a Medifast shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by May 17, 2011. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF encourages both institutional and individual purchasers of Medifast to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests. KSF also encourages anyone with information regarding Medifast's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About the Lawsuit
On March 11, 2011, Medifast announced that it would be forced to delay filing its fiscal 2010 results and its Annual Report on Form 10-K. According to the limited statement made by the Company, Medifast required additional time to complete its year-end financial statements due to the need to review the recognition of certain expenses in prior periods.
Following this disclosure, shares of the Company traded to a 52-week low, before closing at $16.63 per share -- a single day decline of over 24% compared to the shares prior day closing price of $21.90 per share.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact Information:
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Esq.
877-515-1850
Cell: 504-301-7900