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

Posted on 23. Nov, 2009 by Dan Mitchell.

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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

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Pre-Paid Legal Announces 2009 Provider Law Firm Awards

Posted on 03. Nov, 2009 by Dan Mitchell.

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

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