Pre-Paid Legal documents subpoenaed by SEC

In an April 15, 2010 article by The Associated Press, Pre-Paid Legal has been subpoenaed by the Securities and Exchange Commission to produce documents related to complaints by customers, CEO Harland C. Stonecipher's resignation, and other issues.

Replacing the 71 year old Mr. Stonecipher are two co-CEO's, Randy Harp, and Mark Brown, both under 60 years of age. The further resignation of Tom Smith as director is connect to the SEC's request for membership documents, and conforming with payment card industry guidelines.

Stock shares fell 4.5 percent in April 15th trading as a result of the SECs involvement.

Pre-Paid Legal is in full cooperation with the SEC and will continue to provide any necessary documents to assist the agency in its investigation.

 

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