updated 1/31/2011 3:18:30 PM ET 2011-01-31T20:18:30

OKLAHOMA CITY, Okla., Jan. 31, 2011 (GLOBE NEWSWIRE) -- The law firm of Federman & Sherwood has initiated an investigation into Pre-Paid Legal Services, Inc. (NYSE:PPD) ("Pre-Paid") with respect to possible breaches of fiduciary duty by the company's officers and directors, as well as violations of state law in connection with its proposed sale and merger with MidOcean Partners ("MidOcean") and privatization of the company.

MidOcean has agreed to acquire all outstanding shares of Pre-Paid common stock for a total purchase price of $650 million, which results in $66.50 per share. Federman & Sherwood is investigating whether the proposed merger makes all necessary disclosures, whether it offers adequate value to the Company's shareholders, and whether Pre-Paid could have received a higher valuation for its shareholders by seeking other purchasers.

If you own common stock in Pre-Paid Legal Services, Inc. and wish to discuss this action, or have any questions or concerns regarding this notice or preservation of your rights, please contact our firm. Federman & Sherwood has extensive experience representing investors in securities, derivative and merger-related shareholder class actions.

CONTACT: William B. Federman
         FEDERMAN & SHERWOOD
         10205 North Pennsylvania Avenue
         Oklahoma City, OK 73120
         (405) 235-1560
         Email to: wbf@federmanlaw.com - www.federmanlaw.com

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