S
sway2
Guest
What is the name of your state? georgia
Almost four years ago, I invested in a company. It was based out of Florida, but at the time opperated in Georgia. Since then he has acquired two other companies in New York and Washington. We, along with aproxomately 300 other people have invested millions in this company. We were told that the company would be going public and then we would be able to see profits and get sell our shares. Over the last 3+ years, we have been told numerous lies about the company, filings with the SEC, attempts to go public, and the last story was that he was partnering with a shell compny to get us trading ASAP. We were told that we would be able to trade 5 days after the deal was signed, but through a board member we found out that that was not true. Actually all of our shares would be frozen for 6 weeks. This board member stated that "he was not acting in the best interest of the shareholders, but was pushing this deal to get one of his companies out of financial trouble. Earlier this week, the board members called an emergency meeting, at which point they called off the deal, and removed him from his position as CEO. They now tell us that they are not sure if thay can get the company public because of the way records were kept, and that they "might" want to just buy back everyones shares in "six months or so" whenever they can come up with the capitl (apx 3,000,000$) to pay everyone off. Does any of this sound legal? I want to know what if any action I can and should be taking? One other thing, the company I worked for (now bankrupt, thanks to these investments) put together all of the sales material for the sale of the stock, so I have in my posession the list of all of the shareholders. Should I contact them? Can we start a class action law suit? Also the company has never in three years offered any status reports to the shareholders. The sole reason I have recieved any information, is because I contact him via phone and demand updates.
Almost four years ago, I invested in a company. It was based out of Florida, but at the time opperated in Georgia. Since then he has acquired two other companies in New York and Washington. We, along with aproxomately 300 other people have invested millions in this company. We were told that the company would be going public and then we would be able to see profits and get sell our shares. Over the last 3+ years, we have been told numerous lies about the company, filings with the SEC, attempts to go public, and the last story was that he was partnering with a shell compny to get us trading ASAP. We were told that we would be able to trade 5 days after the deal was signed, but through a board member we found out that that was not true. Actually all of our shares would be frozen for 6 weeks. This board member stated that "he was not acting in the best interest of the shareholders, but was pushing this deal to get one of his companies out of financial trouble. Earlier this week, the board members called an emergency meeting, at which point they called off the deal, and removed him from his position as CEO. They now tell us that they are not sure if thay can get the company public because of the way records were kept, and that they "might" want to just buy back everyones shares in "six months or so" whenever they can come up with the capitl (apx 3,000,000$) to pay everyone off. Does any of this sound legal? I want to know what if any action I can and should be taking? One other thing, the company I worked for (now bankrupt, thanks to these investments) put together all of the sales material for the sale of the stock, so I have in my posession the list of all of the shareholders. Should I contact them? Can we start a class action law suit? Also the company has never in three years offered any status reports to the shareholders. The sole reason I have recieved any information, is because I contact him via phone and demand updates.