Pre-Paid Legal Announces Update on SEC Subpoena

Pre-Paid Legal Services, Inc.announced that, as a part of an ongoing inquiry by the Division of Enforcement of the Securities and Exchange Commission ("SEC"), we received an additional subpoena from the SEC on April 13, 2010. The subpoena requests us to provide documents relating to certain membership information, member complaints about provider law firms, our efforts to achieve compliance with all payment card industry requirements, the resignation of Harland C. Stonecipher as Chief Executive Officer and President and the resignation of Tom Smith as a director.

The subpoena is part of an ongoing inquiry by the SEC. The SEC has stated that the inquiry is non-public and should not be construed as an indication by the SEC or its staff that any violation of law has occurred, nor should it be considered a reflection upon any person, entity or security.

We will continue to cooperate with the staff of the SEC and seek a resolution of this matter. We are not able to predict the outcome of this inquiry.

 

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