Pre-Paid Legal Services Slapped With Subpoena from SEC, Shares Plummet 16%
Posted on 07. Oct, 2009 by Dan Mitchell in Network Marketing News
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Source: SF Examiner
ADA, OKLA. — Pre-Paid Legal Services Inc. said Tuesday the Securities and Exchange Commission has sent the company a subpoena requesting documents related to its treasury stock repurchase program.
The subpoena also asks for information on the company's marketing practices, membership information, a Federal Trade Commission contingency disclosure, among other practices.
Pre-Paid Legal said no conclusions have been reached yet but that the company is cooperating with SEC staff and providing the requested information.
Shares of the company, which provides legal service plans, dropped $8.38, or 16.2 percent, to $43.35 in afternoon trading.
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