Pre-Paid Legal Announces FTC Closes Investigation Without Taking Action
July 26 2010 - 10:03PM
PR Newswire (Canada)
ADA, Okla., July 26 /CNW/ -- Pre-Paid Legal Services, Inc. (NYSE:
PPD) announced today the Federal Trade Commission ("FTC") has
stated it is closing the investigation of the Company without
taking action. The FTC has determined to close the investigation
that commenced on March 27, 2007, with the receipt of a Civil
Investigative Demand relating to our Identity Theft Shield and
Affirmative Defense Response System Program. "This determination
confirms our belief in our life events legal service and identity
theft plans and the ADRS program, and we are pleased to have this
matter behind us," says Harland C. Stoneipher, Founder and
Chairman. About Us - We believe our products are one of a kind,
life events legal service plans. Our plans provide for legal
service benefits provided through a network of independent law
firms across the U.S. and Canada, and include unlimited attorney
consultation, will preparation, traffic violation defense,
automobile-related criminal charges defense, letter writing,
document preparation and review and a general trial defense
benefit. We have an identity theft restoration product we think is
also one of a kind due to the combination of our identity theft
restoration partner and our provider law firms. More information
about our products and us can be found at our homepage at
www.prepaidlegal.com. Forward-Looking Statements Statements in this
press release, other than purely historical information, regarding
our future plans and objectives and expected operating results,
dividends and share repurchases and statements of the assumptions
underlying such statements, constitute forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934. The forward-looking statements contained herein are based on
certain assumptions that may not be correct. They are subject to
risks and uncertainties incident to our business that could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties are
described in the reports and statements filed by us with the
Securities and Exchange Commission, including (among others) those
listed in our Form 10-K, Form 10-Q and Form 8-K, and include the
risks that our membership persistency or renewal rates may decline,
that we may not be able to continue to grow our memberships and
earnings, that we are dependent on the continued active
participation of our founder and Chairman, that pending or future
litigation may have a material adverse effect on us if resolved
unfavorably to us, that we may have compromises of our information
security, that during an economic downturn in the economy consumer
purchases of discretionary items may be affected which could
materially harm our sales, retention rates, profitability and
financial condition, that we could be adversely affected by
regulatory developments, that competition could adversely affect
us, that we are substantially dependent on our marketing force,
that our stock price may be affected by short sellers, that we have
been unable to increase our employee group membership sales, that
our active premium in force is not indicative of future revenue as
a result of changes in active memberships from cancellations and
additional membership sales and that we have repurchased more than
half our outstanding shares over the past years. Please refer to
pages 16 - 19 of our 2009 Form 10-K and pages 7 and 8 of our June
30, 2010 Form 10-Q for a more complete description of these risks.
We undertake no duty to update any of the forward-looking
statements in this release. Steve Williamson of Pre-Paid Legal
Services, Inc., +1-580-436-1234 Web Site:
http://www.prepaidlegal.com
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