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Pre-Paid Legal Shares Fall 19% In Response To FTC Complaint

Pre-Paid Legal stock fell Thursday after the Ada company released information regarding a proposed draft complaint from the Federal Trade Commission as part of an inquiry that began more than two years ago. The firm’s stock started the day at $41.13 a share and closed at $33.27, a drop of more than $7, or 19 percent.

Randy Harp, Pre-Paid Legal’s chief operating officer told the Tulsa World the FTC is not questioning its product. “What the FTC is questioning is really a marketing approach that we use,” Harp said. “They’re not questioning the underlying products.”

Under scrutiny is how the company presents information regarding its identity theft line marketed under the name “Affirmative Defense Response System (ADRS)." According to the regulatory filing, Pre-Paid Legal’s sales associates offer training to employees of client businesses. At issue is that Pre-paid encourages those businesses to hold mandatory employee meetings to give its salespeople a chance to sell subscriptions to its legal services and identity theft products.

Source: Ada Evening News

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One Response to “Pre-Paid Legal Shares Fall 19% In Response To FTC Complaint”

  1. Pewaukee Man says:

    I live in Pewaukee Wisconsin in what I felt was a peaceful area. We have a family down the street from us that is involved with Pre-Paid Legal. This woman is so involved with it that she had the service painted on the side of her mini van.

    The type of people doing Pre-Paid Legal really needs to be watched by law enforcement. This woman is a fantastic reason why. This woman wouldn’t know the truth about anything, even if it had concrete knuckles and punched her right in the mouth. She’s a born liar. There are other things about her too. She’s just no dam good.

    The first time I saw her van painted up for Pre-Paid Legal, the hair stood up on the back of my neck. This told me exactly what Pre-Paid Legal was all about, just by seeing what kind of people are involved with this activity.

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