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Pre-Paid Plunges as Growth Evaporates
Updated from 9:05 a.m. EST
Pre-Paid Legal Services (PPD Quote), once known for its phenomenal growth story, is officially shrinking.
The company's shares dropped 23% Monday morning after a Friday evening press release revealed that Pre-Paid's long-running string of customer growth had finally ended. The shares failed to recover even after the company issued a surprisingly strong earnings outlook Monday morning.
On Friday Pre-Paid revealed that during the fourth quarter, it actually lost more customers than it added. The company ended the quarter with 7,000 fewer customers than it began with -- even after writing nearly 170,000 new policies. ...
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