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BUSINESS
January 13, 2010
As part of a continuing feud with a felon-turned-fraud-buster, Medifast Inc. reiterated Tuesday that a committee of its independent board members concluded that allegations of fraud at a subsidiary were unfounded. The Fraud Discovery Institute, co-founded by Barry Minkow, who once served time in prison for stock fraud, has accused a Medifast subsidiary, Take Shape for Life Inc., of a pyramid scheme. Medifast CEO Michael S. McDevitt said the Owings Mills company has filed several complaints against FDI with the Securities and Exchange Commission and Maryland regulators.
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | August 29, 2014
Owings Mills-based Medifast has adopted a stockholder rights plan in an attempt to prevent a hostile takeover of the weight loss plan company. Medifast said Thursday its board of directors adopted the one-year plan, a so-called "poison pill," "in response to the recent rapid accumulations of significant portions of Medifast's outstanding common stock" and "to guard against any attempt to gain control of Medifast without paying all stockholders a...
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BUSINESS
By Gus G. Sentementes | gus.sentementes@baltsun.com | February 19, 2010
Medifast Inc. filed a $270 million defamation lawsuit on Thursday against an ex-felon who became a fraud investigator for making allegations over the past year that a subsidiary of the nutritional products company was operating as a Ponzi scheme. The Owings Mills company is suing Barry Minkow and his Fraud Discovery Institute in California. Medifast said in a statement that Minkow, who spent seven years in federal prison for fraud he committed with his carpet-cleaning company, had issued "false and misleading reports" in an attempt to manipulate and profit from a drop in Medifast's stock price.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | August 28, 2014
A supply chain and logistics company based in Waltham, Mass., has purchased nearly 10 percent of the shares of Medifast, a weight loss program company based in Owings Mills, in a series of transactions since late July, according to a Securities and Exchange Commission filing. ModusLink Securities Corp., a wholly owned subsidiary of ModusLink Global Solutions Inc., purchased nearly 1.3 million shares of Medifast for about $35.4 million, which includes brokerage commissions. The Massachusetts company said it invested in Medifast as part of its evaluations of potential acquisition and investment opportunities and will consider increasing or decreasing its stake based on market conditions.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | May 5, 2010
Medifast Inc., an Owings Mills-based company specializing in weight loss programs, reported sharply higher revenue and profit in the first quarter. The company had profit of $4.9 million, or 33 cents per share, compard to $2.5 million, or 17 cents per share, in the year-ago quarter. Net revenue rose nearly 75 percent, from $35 million in the first quarter last year to $61 million this quarter. The company said it has 45 corporate and franchised weight-control centers, and plans to open another 13 to 15 new centers this year.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,lorraine.mirabella@baltsun.com | February 19, 2009
Shares of Owings Mills-based Medifast Inc. recovered slightly yesterday after the weight-loss products company responded to what it called false claims in a report this week by the Fraud Discovery Institute and defended the business model of its direct-selling division. Medifast shares closed at $5.20 a share, up 7 cents, after losing nearly 30 percent of their value Tuesday in the wake of the report by San Diego-based FDI. The report said Medifast's direct-selling Take Shape for Life division offers a "misleadingly promoted income scheme ... that requires paying fees and buying Take Shape for Life products."
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 22, 2013
Medifast, a maker of weight-loss food products in Owings Mills, said it will begin collecting sales and use taxes on all Internet sales where applicable starting in September. The company said it was doing so as more state legislatures and revenue agencies seek to enforce sales tax on online purchases. The company expects that enforcement trend to continue. The company will assess the sales tax based on the shipping address provided by the customer. Consumers will see the sales tax charge at the online checkout.
BUSINESS
By Gus G. Sentementes | gus.sentementes@baltsun.com | February 18, 2010
Medifast Inc. filed a $270 million defamation lawsuit on Thursday against a felon-turned-fraud investigator for making allegations over the past year that a subsidiary of the nutritional products company was operating as a Ponzi scheme. The Owings Mills company is suing Barry Minkow and his Fraud Discovery Institute in California. Medifast said in a statement that Minkow, who spent 7 years in federal prison for fraud he committed with his carpet-cleaning company, had issued "false and misleading reports" in an attempt to manipulate and profit from a drop in Medifast's stock price.
BUSINESS
By Michael Dresser and Michael Dresser,Staff Writer | March 14, 1993
Jason Pharmaceuticals Inc. grew fat when Oprah got thin, and thin when Oprah got fat again.That much is agreed upon by everyone connected with the Owings Mills-based marketer of the Medifast diet plan. But the agreement ends there.After rising to $51 million in annual sales during the late 1980s, the skyrocket that was Jason Pharmaceuticals landed last month in Baltimore's federal bankruptcy court, asking for protection from creditors while it reorganizes.Members of Jason's founding Vitale family say the company can recover from the slump that hit the liquid-diet industry after television talk show host Oprah Winfrey regained the weight she had lost on a rival plan called Optifast.
BUSINESS
By Tricia Bishop and Tricia Bishop,SUN STAFF | August 2, 2005
All the attention paid to the Atkins diet didn't much faze Bradley T. MacDonald, even though the competing weight-loss program hurt sales at his Owings Mills business last year. He was certain it wouldn't last - in fact, he suspected the attention would do Atkins in. "I saw problems when Atkins started Atkin-izing TGI Fridays" in 2003, he said. "At that point, you knew that there was problems." Yesterday, his hunch proved true. Atkins Nutraceuticals Inc. - founded on the controversial low-carb, full-fat diet pioneered by the late Dr. Robert C. Atkins - filed for bankruptcy protection in New York, unable to survive its strategy of going after a mass market and purporting to be a lifestyle.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 6, 2013
Owings Mills-based Medifast Inc. said Friday that it plans to close eight "under-performing" weight loss centers by the end of the month and sell some of its other centers next year, part of a push toward franchising as the performance of its company-owned locations declines. Company officials did not specify where those Medifast Weight Control Centers are located but said none are in Maryland. The weight loss company has about 120 corporate-owned and franchised centers, including 10 in Maryland, that offer "body composition" assessments, counseling and Medifast meal replacements.
HEALTH
By Sarah Hainesworth, The Baltimore Sun | November 8, 2013
Annapolis physician and nutritional intervention expert Dr. Wayne Scott Andersen wants to help Americans take back their health with his new book, "Discover Your Optimal Health. " The book, which came out this summer, reached the New York Times best-seller list for a week within 30 days of the release. Andersen is also author of "Dr. A's Habits to Health," another New York Times best-seller. A board-certified critical-care physician, Andersen also serves as medical director of Medifast, a weight loss company headquartered in Owings Mills, and co-founder of Take Shape for Life, a division of Medifast that offers personal coaching.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | September 11, 2013
Owings Mills-based Medifast Inc. has laid off 24 employees, less than 3 percent of its 860-person workforce, over the past few weeks as the weight loss system company reviewed staffing levels, a spokeswoman said Wednesday. Medifast makes and sells portion-controlled weight-loss products and programs. "As Medifast continues to grow and evolve, the company periodically evaluates overall efficiency," said Renee Beck, the spokeswoman, in an email. "Over the last few weeks, the company reviewed expertise and staffing levels across the organization to best achieve strategic initiatives…Medifast continues to focus on profitable growth moving forward.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 22, 2013
Medifast, a maker of weight-loss food products in Owings Mills, said it will begin collecting sales and use taxes on all Internet sales where applicable starting in September. The company said it was doing so as more state legislatures and revenue agencies seek to enforce sales tax on online purchases. The company expects that enforcement trend to continue. The company will assess the sales tax based on the shipping address provided by the customer. Consumers will see the sales tax charge at the online checkout.
NEWS
By Lane Page | August 19, 2013
Just beyond their green pasture, something special has the attention of horses Vogue, Pagan and Brisk and their pony buddy Lotto. Workmen are putting the finishing touches on an array of solar panels, so that on this steamy summer day, Burleigh Manor Animal Sanctuary and Eco-Retreat goes off the grid. The electric meter has indeed stopped spinning, but that is likely the only thing that has ceased activity there since summer 2012, when the 10.5-acre Ellicott City property cemented its status as a nonprofit with a mission of providing care, a safe haven and a home for unwanted, neglected and abused livestock.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | June 23, 2012
It's not a matter of "if" but "when. " Medifast Inc., the No. 3 manufacturer of weight-loss food products, is growing so quickly in that industry that there will soon come a time when it outgrows its sole production facility in Owings Mills and builds plants elsewhere. To keep up with that rapid growth, Medifast plans on making $5 million in improvements to its headquarters and plant in Owings Mills over the next two years. But it's also considering other sites for the future, including a possible West Coast manufacturing site and one in Mexico to serve the growing Latin American market.
HEALTH
By Sarah Hainesworth, The Baltimore Sun | November 8, 2013
Annapolis physician and nutritional intervention expert Dr. Wayne Scott Andersen wants to help Americans take back their health with his new book, "Discover Your Optimal Health. " The book, which came out this summer, reached the New York Times best-seller list for a week within 30 days of the release. Andersen is also author of "Dr. A's Habits to Health," another New York Times best-seller. A board-certified critical-care physician, Andersen also serves as medical director of Medifast, a weight loss company headquartered in Owings Mills, and co-founder of Take Shape for Life, a division of Medifast that offers personal coaching.
NEWS
By LAURA VOZZELLA | February 22, 2009
Medifast is either a great way to slim down or a big, fat Ponzi scheme, depending on which ex-con you believe. On one side: An inmate-turned-fraud-investigator you've never heard of, Barry Minkow, who says the Owings Mills weight-loss products firm is scamming customers. On the other, the inmate-turned-radio-host you do know, Ed Norris, who says the diet's working for him. So far, Wall Street has sided with Minkow - if only because the street hasn't seen Norris in his skinny jeans. Medifast saw its stock shed value last week like celebrity pitchwoman Genie Francis sheds weight.
NEWS
The Baltimore Sun | February 3, 2012
WEATHER Today's forecast calls for sunny skies with a high near 50 degrees. It is expected to be mostly clear tonight, with a low temperature around 35 degrees. FROM LAST NIGHT... McDevitt out as CEO of Medifast : Medifast Inc., an Owings Mills-based maker and provider of weight-loss programs, said Thursday it would replace its chief executive officer next week with the company's board chairman. Four arrested in December killing at Towson Town Center : Four men, ranging in age from 19 to 44, were arrested this week and charged with first-degree murder.
BUSINESS
By Steve Kilar, The Baltimore Sun | February 2, 2012
Medifast Inc., an Owings Mills-based maker and provider of weight-loss programs, said Thursday it would replace its chief executive officer next week with the company's board chairman. The employment agreement for Michael S. McDevitt, the current CEO, expires Wednesday, and he and the board mutually agreed not to renew his contract, the company said. McDevitt led the company during a period of growth over the past five years; he had joined Medifast in 2002. McDevitt will be replaced by Michael C. MacDonald, a board member since 1998 and executive chairman since November.
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