K
kapaa
Guest
This is going to be long so I'll apologize before I start. I am a party to the class action lawsuit against Cendant. I held stock options in a private company called Knowledge Adventure. That company was purchased by a company called CUC in the mid 1990's. My stock options were converted to CUC stock options based upon the value of Knowledge Adventure compared to the value of CUC. Later on CUC merged with another company called HFS to become the company called Cendant. I now owned Cendant options.
I exercised and sold those Cendant options in 1996. After that time, it was discovered that CUC had been cooking their books and committing accounting fraud for 12 years and that the value of CUC was overstated by a large amount. The class action suit initaited by Cendant shareholders and institutional investors resulted. According to class action paperwork I received, I am not eligible for any compensation because I exercised and sold my Cendant stock before the accounting fraud at CUC was discovered. I don't agree with that. It is now known that the accounting fraud at CUC was ongoing at the time of the CUC purchase of Knowledge Adventure. Consequently, CUC was, at that time, worth much less that it's stock value indicated. I (and many others at Knowledge Adventure, Davidson and Sierra) would have and should have received many more shares of CUC stock options in exchange for our Knowledge Adventure stock options than we did receive. The class action suit states that I and many others in this situation were not damaged by the accounting fraud at CUC and are not entitled to redress and compensation. I do not agree with that.
How would you suggest I proceed and who can I contact to get help?
I exercised and sold those Cendant options in 1996. After that time, it was discovered that CUC had been cooking their books and committing accounting fraud for 12 years and that the value of CUC was overstated by a large amount. The class action suit initaited by Cendant shareholders and institutional investors resulted. According to class action paperwork I received, I am not eligible for any compensation because I exercised and sold my Cendant stock before the accounting fraud at CUC was discovered. I don't agree with that. It is now known that the accounting fraud at CUC was ongoing at the time of the CUC purchase of Knowledge Adventure. Consequently, CUC was, at that time, worth much less that it's stock value indicated. I (and many others at Knowledge Adventure, Davidson and Sierra) would have and should have received many more shares of CUC stock options in exchange for our Knowledge Adventure stock options than we did receive. The class action suit states that I and many others in this situation were not damaged by the accounting fraud at CUC and are not entitled to redress and compensation. I do not agree with that.
How would you suggest I proceed and who can I contact to get help?