Local & Regional
Thu April 15, 2010
SEC/Pre Paid Legal
By Associated Press
Oklahoma City, OK – SEC subpoenas Pre-Paid Legal Services documents
ADA, Okla. (AP) Pre-Paid Legal Services Inc. says the Securities and Exchange Commission has subpoenaed documents tied to customer complaints and the resignation of its CEO, among other issues.
The Ada-based legal services company said Thursday the SEC also wants documents on membership information, efforts to achieve compliance with payment card industry requirements and the resignation of Tom Smith as a director.
The company said last month 71-year-old Harland C. Stonecipher would step down as chief executive and be replaced by co-CEOs, 54-year-old Randy Harp and 56-year-old Mark Brown.
Pre-Paid Legal says the subpoena was part of an ongoing inquiry, and it will continue to cooperate with the agency.
The company's shares fell $1.82, or 4.5 percent, to $38.83 in Thursday afternoon trading.
Copyright 2010 The Associated Press.