Options and layoff question

05-05-2009, 02:34 PM

Junior Member

Join Date: May 2005

Posts: 3

Options and layoff question

What is the name of your state (only U.S. law)? California

Hi,

I was recently laid off of my job after 8 years. I had quite a few options that I had not exercised, as well as ESPP shares that I had bought over the years.

The company has a policy of blackout for trading for about 2 weeks before the quarterly reports.

Since I was laid off just before the quarterly report, I wanted to sell my options after losing my job, and discovered that I couldn't. The quarterly report news was devestating, and I lost about $130k because I couldn't sell.

Is this legal? Im not even an employee of the company anymore, since the day they laid me off. How can they prevent me from trading my shares???

I was laid off on April 24th, and I am in fact STILL blacked out and cannot touch my stock.

Is there anything I can do?

Thanks

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