Legal Question in Technology Law in Virginia

Being a share holder when the company is sold out what about my part of shares

Hellow

I am working for a start up company and I started working since one year.At the time of joining

the company offered me 10,000 shares and at the end

of one year some part of my bonus amount was also converted to shares which I can not cash them out

unless the company goes to public issue..

Recently the CEO of the company sold out the company,

saying that the companyu is not getting contracts.

They sold out to a very big company whose share value is 70.00.When asked about our shares the CEO answered

that those shares are virtually dead and will go to

venture capatalists.

I am very said that because3 I am having part of

shares I worked day and nights for I which I was not paid as I am a Permanent Employee.

Please will you let me know what leagal

can I take?

The CEO even has not disclosed the deal when merging even if we are having shares.

Please let me know at the earliest.

My Email Is:

[email protected]

Thank you

--name removed--Reddy


Asked on 2/10/02, 3:07 pm

1 Answer from Attorneys
Lawrence Graves Coolidge & Graves PLLC

Re: Being a share holder when the company is sold out what about my part of shar

I don't see how this could have happened as described in accordance with corporate law, if you were actually a stockholder. You should consult with an attorney to ascertain your rights. Unfortunately, you probably cannot stop the deal, and your statutory appraisal rights are likely to be too expensive to vindicate (unless you can act jointly with other dissenting stockholders).

Best wishes,

LDWG

Read more
Answered on 2/11/02, 7:43 am


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