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Mannatech

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As far as we can tell, Carson was not a paid employee or official endorser of the product. However, his claim suggests he has no ties to Mannatech whatsoever. In reality, he got paid to deliver speeches to Mannatech and appeared in promotional videos, and he consistently delivered glowing reviews of
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as its auditor after the accounting firm demanded that Mannatech remove Caster from all responsibilities to be replaced by Wayne Badovinus as the new chief executive. Several corporate initiatives were undertaken, but after 17 months on the job Badovinus resigned in December 2009. Another member of
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Mannatech settled the civil complaint with the State of Texas in February 2009; Mannatech did not admit wrongdoing but agreed to pay $ 4 million in restitution to clients who purchased products and $ 2 million to the state to cover its costs in the case. In addition, Sam Caster agreed to pay a $ 1
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2010 losses were $ 10.6 million. As the company's market capitalizations continued to fall, S&P Indices dropped it from the S&P 600 Index, stating "They are no longer representative of the small cap market space." Recruiting efforts continued dropping in 2011, widening company losses to $
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Mannatech had its initial public offering (IPO) on February 16, 1999, at $ 8 a share. The stock price settled a few weeks later at a price of $ 15.13 a share and a market capitalization of $ 366 million. The IPO raised $ 12 million in funds to be used for expansion into Australia and the U.K.
482:-related complications. Following patient complaints about her marketing of the products in 2006, Balonwu was dismissed by her employer, Harmoni, a medical services company, and the GMC panel imposed a 15-month penalty period during which she was "to avoid private or short term 541:
20.6 million. For 2012, the company's net loss narrowed to around $ 1 million from the about $ 21 million loss the year before. In 2013, it had around $ 3 million in net income, and in 2014, it reported profits of $ 6.5 million and total revenue of $ 190.1 million.
495:’ list of America's 200 Best Small Companies. At the same time, the company came under investigation by the Texas Attorney General in October 2006 for alleged violations of that state's Deceptive Trade Practices Act. In July 2006, Texas Attorney General 529:
Publicity over the company's lawsuits began to damage the balance sheets and stock performance. After profits of $ 32 million in 2006 and $ 6.6 million in 2007, Mannatech reported a $ 12.6 million loss in 2008 and a $ 17.3 million loss in 2009.
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derived from plants. The company was profitable soon after its founding until about 2008, when it started losing money due to exposure of its business practices through a class action lawsuit based on the false health claims, a critical
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structure in church congregations. Prior to founding Mannatech, Caster had founded and run Eagle Shield, an insulation manufacturer, and Electracat, a pest control device; both were categorized as a hoax by the
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made videos and spoke at company events promoting Mannatech and its products. In 2004, in a speech at a Mannatech event, he credited the company's products with the disappearance of his cancer symptoms.
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the board resigned shortly after. Mannatech's Chief Science Officer Robert Sinnott and Mannatech's chief financial officer Steve Fenstermacher were named Co-CEOs. Fenstermacher later resigned.
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of 1994, which made feasible the profitable marketing of a wider spectrum of dietary supplements. The company has had a Christian orientation since its founding; the name was intended to evoke
411:. Before developing its own products, the company sold Manapol, an aloe vera extract made by another company. Its most widely known product has been Ambrotose, a dietary supplement made from 474:
panel to have "abused her power as a doctor" after it was determined that she had illegally promoted and sold the company's products to people as a treatment for medical conditions such as
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In March 2008, Mannatech settled the class-action lawsuit by agreeing to pay $ 11.25 million to the plaintiff class. As part of the settlement, Mannatech admitted no wrongdoing.
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formally charged Mannatech, MannaRelief, Sam Caster, and Reginald McDaniel, the company's medical director, with operating an illegal marketing scheme in violation of state law.
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showed Mannatech's sales associates teaching sales recruits how to target Mannatech products to people with specific illnesses in a manner that purportedly does not violate
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for illegally marketing several of its supplement products as medicinal agents and for selling adulterated and misbranded products in violation of
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questioning the company's business practices. In September 2005, a class-action lawsuit was filed against Mannatech for alleged violations of the
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Carson's image still appeared on the Mannatech's website in 2014, and in the same year he praised their "glyconutrient" supplements in a
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GOP debate on October 28, 2015, Carson was asked about his relationship with Mannatech and denied any involvement with the company.
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million civil penalty and steer clear of any type of leadership position or employment relationship with Mannatech for five years.
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The company came to be known for unproven claims that its products could be used to treat many diseases and conditions, including
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exchange under the symbol MTEX. As of 2017, Mannatech employed 252 people and sold its products through some 220,000 independent
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rated Carson's denial of any involvement as "false". In November 2015, Mannatech said on its website that, for compliance with
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In August 2007, Caster resigned as CEO of Mannatech. In October 2007, it was reported that the company had fired
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regulations for dietary supplements. In December 2017, Mannatech reached an agreement with the Town Council of
511: 946: 2650: 2514: 2504: 2380: 2330: 2290: 1429: 837: 471: 464: 459: 161: 1593: 1138: 2440: 1971: 592:), sponsored by a group of Mannatech distributors, that was subsequently featured on the site. During the 408: 397: 368: 1402: 2630: 2580: 2544: 2480: 2245: 2182: 392: 326: 92: 486:
work" and "to complete a supervised personal development plan to tackle shortcomings in her practice".
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In 2006, Mannatech distributor Vivienne Balonwu, a U.K. general practitioner, was found by the U.K.
2529: 1750: 1476: 604:, the company had removed all references to Carson before he announced his bid for the presidency. 557: 404: 338: 140: 82: 2570: 2465: 2450: 842: 760: 545: 522: 423: 330: 2675: 2655: 2485: 1890: 1358: 1201: 1183: 1175: 1127: 970:"Ted Cruz's dad has a very sketchy resume: Rafael Cruz's credentials are exaggerated, at best" 920: 752: 2143: 1303: 2470: 2365: 2265: 1528: 1502: 1348: 1340: 1165: 1117: 1046: 744: 712: 272: 2665: 2415: 1998:"Carson to Newsmax: 'I Didn't Know Anything About all [Mannatech's] Legal Stuff.'" 974: 1278: 892: 701:"Wielding the sword of professional ethics against misleading dietary supplement claims" 2355: 2305: 2255: 2199: 1353: 1326: 670: 597: 518:
regulations, by avoiding direct claims that the products cure any particular diseases.
114: 51: 1031: 2715: 2615: 2590: 2575: 2519: 2445: 2400: 2390: 2250: 1224: 764: 380: 334: 129: 87: 69: 59: 1477:"Texas Attorney General Charges Mannatech with Unlawful, Misleading Sales Practices" 997: 2549: 2455: 2230: 2054: 1751:"Texas Attorney General Abbott Reaches Agreement To Halt Deceptive Trade Practices" 804: 573: 353: 2151: 748: 2690: 2460: 2325: 2260: 1344: 496: 419: 412: 357: 1883:"Ben Carson Has Had Ties to Dietary Supplement Firm That Faced Legal Challenge" 1078: 1072: 1070: 2635: 2585: 2375: 577: 226: 1894: 1225:"Mannatech sales slide; warning letter questions meaning of 'glyconutrients'" 1179: 2695: 2670: 2534: 2430: 2405: 2310: 1170: 1153: 1122: 1105: 717: 700: 1362: 1187: 1154:"A "Glyconutrient Sham" and the Jenner Glycobiology and Medicine Symposium" 1131: 779:"Watchdog: Mannatech founder, banned from company, still works from inside" 756: 1642:"Mannatech announces the resignation of co-CEO, CFO Stephen Fenstermacher" 1496: 1494: 37: 2625: 2554: 2539: 2425: 2395: 2360: 2335: 2320: 2315: 2295: 2220: 443: 172: 646:"Mannatech / United States Securities and Exchange Commission Form 10-K" 2660: 2640: 2509: 2475: 2435: 2420: 2345: 2340: 2285: 2225: 1806:"Standard & Poor's Announces Changes to U.S. Index (press release)" 2235: 1785:. U.S. Securities and Exchange Commission. March 10, 2011. p. 34 491: 479: 447: 439: 342: 65: 564:, to relocate its headquarters to an existing facility in the city. 838:"Ted Cruz's Father Worked With Supplements Maker Sued by Investors" 2700: 2685: 2645: 2370: 2275: 2240: 2215: 1781: 1327:"GP advised patients to take pills made by company she worked for" 561: 483: 454:. There is no evidence that any of these claims were or are true. 388: 346: 249: 118: 947:"Form Mannatech, Incorporated: 10K SEC Public Filing for FY 2005" 866:"Mannatech founder, banned from company, still works from inside" 2496: 2410: 1865:"Mannatech Form 10k For the fiscal year ended December 31, 2012" 593: 451: 2155: 998:"Mannatech, a Hot IPO Last Week, Now Leaves Some Analysts Cold" 333:
and personal care products. It was founded in November 1993 by
2078:"At debate, Ben Carson says he has no connection to Mannatech" 1331: 585: 2136: 2107:"Mannatech's Response to Question at GOP Presidential Debate" 1077:
Avila, Jim; Martz, Geoff; Paparella, Andrew (June 1, 2007).
1943:"Flower Mound approves agreement with Mannatech for new HQ" 391:, and it recruited people to sell its products through its 1554: 1552: 356:
about its lead product called "Ambrotose" which contains
1840:"Mannatech Reports Fourth Quarter And Year End Results" 1586:"Mannatech Announces Board Resignation (press release)" 1529:"Mannatech Fires Its Auditor Amid Dispute Over Founder" 311: 1024:"Nobel Prize winners say sites falsely cite research" 1972:"Ben Carson had extensive relationship to Mannatech" 1669:"Mannatech's profit narrows net loss, sales decline" 506:
undercover investigation that aired June 1, 2007 on
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"Who Owns Glycobiology?". 1561:"Mannatech CEO quits after 17 months on the job" 968:Dubose, Lou; Harper, Hannah (October 19, 2015). 1777:"Mannatech Inc 2010 Annual Report - Form 10-K" 1246: 1244: 1242: 590:The Missing Link – The Science of Brain Health 2167: 1253:"Mannatech Settles Investors' Suit For $ 11M" 42:Mannatech headquarters in Flower Mound, Texas 8: 2596:European Grouping of Marketing Professionals 1403:"The 200 Best Small Companies: #5 Mannatech" 1152:Schnaar, Ronald L; Freeze, Hudson H (2017). 367:news special, and a civil suit filed by the 21: 831: 829: 640: 638: 636: 634: 632: 630: 628: 550:Title 21 of the Code of Federal Regulations 467:; it was prompted by the Barron's article. 385:Dietary Supplement Health and Education Act 16:Multinational multi-level marketing company 2174: 2160: 2152: 1430:"Texas Attorney General probing Mannatech" 945:Mannatech, Incorporated (March 16, 2006). 383:in 1993, as Congress prepared to pass the 36: 27: 20: 2376:Juice Plus AKA National Safety Associates 1915:Garcia, Edmundo Jr. (November 14, 2017). 1725:"Mannatech Settles with Attorney General" 1695:"Mannatech, former CEO settle with state" 1352: 1169: 1121: 1079:"Cure for Your Disease or Empty Promise?" 716: 1617:"Mannatech (MTEX) CEO Badovinus Resigns" 1204:. Truth in Advertising. December 7, 2017 730: 728: 544:In November 2017, Mannatech received an 489:Also in 2006, Mannatech was named #5 on 457:In May 2005 an article was published in 1804:Blitzer, David M. (November 26, 2010). 1306:. Securities Class Action Clearinghouse 1251:Caulfield, Christine (March 21, 2008). 694: 692: 665: 663: 624: 341:. The company's stock is traded on the 1917:"FDA Warning Letter to Mannatech, Inc" 1615:Blitzer, David M. (December 3, 2009). 675:Memorial Sloan–Kettering Cancer Center 1876: 1874: 1755:Attorney General of Texas Greg Abbott 1693:Roberson, Jason (February 26, 2009). 614:List of ineffective cancer treatments 476:chronic obstructive pulmonary disease 7: 1941:Pry, Lyn Rejahl (December 5, 2017). 1559:Roberson, Jason (December 4, 2009). 1503:"Caster Resigns as CEO of Mannatech" 1428:Greenberg, Herb (October 27, 2006). 1378:"America's 200 Best Small Companies" 1022:Danny Robbins (September 10, 2006). 996:Weil, Jonathan (February 24, 1999). 602:Federal campaign finance regulations 426:, was a top salesman for Mannatech. 325:is a publicly traded, multinational 2076:Lauren Carroll (October 29, 2015). 2024:"Ben Carson's Troubling Connection" 1592:. December 24, 2009. Archived from 1452:"State of Texas v. Mannatech et al" 1223:Schultz, Hank (November 28, 2017). 809:"Ben Carson's Troubling Connection" 572:Starting in 2004, neurosurgeon and 422:, father of presidential candidate 2022:Geraghty, Jim (January 12, 2015). 1996:Jim, Geraghty (January 16, 2015). 1881:Maremont, Mark (October 5, 2015). 1819:from the original on April 2, 2015 1648:. Yahoo Finance. December 16, 2011 1045:Sataline, Suzanne (May 11, 2007). 864:Lieber, Dave (November 23, 2013). 14: 2722:Companies based in Coppell, Texas 1970:Grabow, Chip (October 30, 2015). 1921:U.S. Food and Drug Administration 1667:Panchuk, Kerri (August 4, 2010). 919:McGill, Adam (October 18, 2006). 2050:"Ben Carson's Mannatech Problem" 1838:Press Release (March 28, 2012). 1137: 836:Twohey, Megan (April 29, 2016). 279: 278: 256: 255: 233: 232: 210: 209: 187: 186: 2732:Multi-level marketing companies 2048:Ford, Matt (October 29, 2015). 1527:Sataline S (October 19, 2007). 1376:Gage, Jack (October 13, 2006). 1277:Brammer, Rhonda (May 9, 2005). 890:Brammer, Rhonda (May 9, 2005). 354:claims of anti-disease benefits 2727:Companies listed on the Nasdaq 1501:Sataline S (August 22, 2007). 1104:Schnaar RL, Freeze HH (2008). 403:Mannatech was founded to sell 1: 2737:Companies established in 1993 1325:Dyer, Owen (March 29, 2008). 2281:Discount Home Shoppers' Club 2271:Crowd Sourcing International 2094:the nutritional supplements. 1085:. ABC News Internet Ventures 749:10.1126/science.318.5851.734 699:Torok CB, Murray TH (2008). 516:Food and Drug Administration 2621:International Heritage Inc. 1345:10.1136/bmj.39532.350729.DB 554:Good Manufacturing Practice 2753: 2681:United Sciences of America 2525:Nature's Sunshine Products 2301:Fuel Freedom International 337:, and is headquartered in 105:November 4, 1993 2611:Fortune Hi-Tech Marketing 2190: 1947:The Cross Timbers Gazette 1813:The McGraw Hill Companies 1202:"Bounceback by Mannatech" 900:. Dow Jones & Company 434:False claims and lawsuits 379:Mannatech was founded by 369:Attorney General of Texas 35: 26: 1867:. SEC Edgar. p. 37. 1106:"A 'Glyconutrient Sham'" 1028:Fort Worth Star-Telegram 2515:LifeVantage Corporation 2331:The Longaberger Company 2291:Forever Living Products 1729:Dallas Business Journal 1673:Dallas Business Journal 1545:(subscription required) 1533:The Wall Street Journal 1507:The Wall Street Journal 1083:Yahoo!-ABC News Network 1063:(subscription required) 1051:The Wall Street Journal 1002:The Wall Street Journal 472:General Medical Council 465:Securities Exchange Act 2441:Southwestern Advantage 409:personal care products 398:Texas Attorney General 2631:Koscot Interplanetary 2581:Black Oxygen Organics 2545:Usana Health Sciences 2481:World Financial Group 2246:Arbonne International 2183:Multi-level marketing 1171:10.1093/glycob/cwx024 1123:10.1093/glycob/cwm098 718:10.1093/glycob/cwn060 415:derived from plants. 393:multi-level marketing 327:multi-level marketing 171:J. Stanley Fredrick ( 93:Multi-level marketing 2606:Excel Communications 2601:European Home Retail 2386:North American Power 2381:Neal's Yard Remedies 1705:on February 28, 2009 1034:on December 6, 2006. 807:(January 12, 2015). 2530:Nu Skin Enterprises 1887:Wall Street Journal 1757:. February 26, 2009 1731:. February 26, 2009 1699:Dallas Morning News 1646:Theflyonthewall.com 1565:Dallas Morning News 870:Dallas Morning News 785:. November 23, 2013 677:. November 23, 2015 418:From 1993 to 2009, 405:dietary supplements 339:Flower Mound, Texas 331:dietary supplements 295:Number of employees 141:Flower Mound, Texas 83:Dietary supplements 23: 2571:Aman Futures Group 2466:Usborne Publishing 2451:Success University 2113:. November 3, 2015 1432:. MarketWatch, Inc 1409:. October 12, 2006 1279:"Manna From Texas" 1227:. NutraIngredients 893:"Manna From Texas" 843:The New York Times 546:FDA warning letter 523:Grant Thornton LLP 2709: 2708: 2676:The Trump Network 2656:Royal Tongan Limu 2486:YTB International 2111:Mannatech website 1621:StreetInsider.com 743:(5851): 734–737. 514:, including U.S. 320: 319: 302: 289: 266: 243: 220: 197: 160:Landen Fredrick ( 2744: 2471:Vector Marketing 2366:Modi Enterprises 2176: 2169: 2162: 2153: 2140: 2139: 2137:Official website 2123: 2122: 2120: 2118: 2103: 2097: 2096: 2090: 2088: 2073: 2067: 2066: 2064: 2062: 2045: 2039: 2038: 2036: 2034: 2019: 2013: 2012: 2010: 2008: 1993: 1987: 1986: 1984: 1982: 1967: 1958: 1957: 1955: 1953: 1938: 1932: 1931: 1929: 1927: 1912: 1906: 1905: 1903: 1901: 1878: 1869: 1868: 1861: 1855: 1854: 1852: 1850: 1835: 1829: 1828: 1826: 1824: 1810: 1801: 1795: 1794: 1792: 1790: 1773: 1767: 1766: 1764: 1762: 1747: 1741: 1740: 1738: 1736: 1721: 1715: 1714: 1712: 1710: 1701:. 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Index



Public
Traded as
Nasdaq
MTEX
Dietary supplements
Personal care
Multi-level marketing
Coppell
Texas
Samuel Caster
Flower Mound, Texas
CEO
president
chairman
US$
Operating income
US$
Net income
US$
Total assets
US$
Total equity
US$
mannatech.com
multi-level marketing
dietary supplements
Samuel Caster
Flower Mound, Texas

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