Pre-Paid Legal Services receives subpoena
Pre-Paid Legal Services receives subpoena from SEC; shares dive
- On 3:21 pm EDT, Tuesday October 6, 2009
ADA, Okla. (AP) -- 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.
Related Headlines
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- Pre-Paid Legal Services, Microvision: Biggest Price Decliners (PPD, MVIS) - at The Wall Street Journal Online
- Pre-Paid Legal Services says FTC may sue - AP
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