MLM Blog – Network Marketing Blog

 Pre-Paid Legal has just released their financials for 2010 and the 4th quarter results are truly abysmal. Here's a screenshot of the numbers...

PPL 2010 Results

During the 4th quarter of 2010, new sales associates enrolled decreased 54.3% to 28,160 from the 61,623 enrolled in the 4th quarter of 2009 and new memberships produced decreased 20.8% to 117,472 during the 2010 quarter compared to 148,248 for the 2009 quarter.

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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

Pre-Paid Legal Services, Inc. (NYSE: PPD) is pleased to announce the 2009 Provider Law Firm Awards and the contributions of the 38 independent law firms that provide legal services to the members (customers) of Pre-Paid Legal Services in 49 states and four provinces of Canada. During the 2009 Annual Black and Gold Banquet, PPD presented a variety of awards to provider law firms, their attorneys and other professional and administrative staff. These awards are based on PPD's unique "WOW Service from the Heart Program," which promotes "best practices" in customer-service and performance by the provider law firms.

"The 2009 Provider Law Firm Awards represent excellence in service by our provider law firms, but they also reflect the distinct value proposition that Pre-Paid Legal Services offers to members who use our legal service plans," said PPD Founder and CEO Harland C. Stonecipher. "Our model of service delivery allows Pre-Paid Legal Services to maintain long-term relationships with our provider network. This, in turn, helps to ensure that our members always have access quality legal service delivered in a tested, customer-oriented manner. You won't find that listed in a telephone book," Stonecipher said.

Source: PR Newswire