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Metabolife is an American corporation based in Utah which manufactures dietary supplements. Metabolife's best-selling product, an ephedra-based supplement called Metabolife 356, once generated over $1 billion in annual sales. However, Metabolife 356 and other ephedra-containing supplements were linked to thousands of serious adverse events, including deaths, culminating in a ban on ephedra-containing dietary supplements as unsafe by the United States Food and Drug Administration in 2004.
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Metabolife founder Michael Ellis was indicted on 8 counts of making false statements to the FDA in an effort to obstruct regulation of ephedra. Metabolife was also investigated by the Internal Revenue Service and the Department of Justice for income tax evasion; ultimately, the company pled guilty to filing fraudulent tax returns and was sentenced to pay a criminal fine of $600,000. Metabolife owner William Bradley also pled guilty to evading millions of dollars in taxes and was sentenced to 6 months in federal prison and 2 years of probation.
In response to falling sales, and facing more than $1 billion in personal injury legal claims related to Metabolife 356, Metabolife filed for Chapter 11 bankruptcy in 2005. The company's furnishings and property, including a large collection of artwork, were liquidated in late 2006 to compensate creditors and settle outstanding personal-injury claims.
|This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Metabolife". A list of authors is available in Wikipedia.|