NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com | Pre-Paid Legal Services says FTC may sue
Associated Press - November 20, 2009 9:25 AM ET
ADA, Okla. (AP) - Ada-based Pre-Paid Legal Services Inc. says the Federal Trade Commission may sue the company over allegedly misleading representations made by its identity theft prevention program.
The news sent the stock for the network of independent law firms plummeting 19 percent to close yesterday at $33.27.
The identity theft program offers regular monitoring of credit reports, sending alerts if new accounts are opened in a customer's name or if negative items are added to credit reports. It also offers to help a customer restore their credit rating if they are a victim of identity theft.
Pre-Paid Legal Services says the FTC had sent a draft of the proposed lawsuit and may decide to formally sue. The draft also names CEO Harland Stonecipher and Chief Marketing Officer Mark Brown as defendants.
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