What is the name of your state (only U.S. law)? California
I'm looking to recover an approximate $14,000 loss from unexercised stock options.
This is what happened...
While at a 5000 person corporation (Company A), I accumulated several stock option grants which were held with Smith Barney. The 5000 person corporation was acquired by a 50k person corporation (Company B) in Sept '05.
I stayed with Company B until Nov '06. When I left Company B, I didn't have an exit interview or receive anything in the mail regarding my departure. I thought that was unusual.
I continued to track my stock option grants in my Smith Barney account since I left. In the Smith Barney account, it says that my earliest expiration date for exercising my stock options is 5/1/09. It still says this today and all my stock options are still listed in my Smith Barney account.
I recently attempted to exercise my stock options with Smith Barney and was unable to. I called Smith Barney today and they said that the account was restricted that and I needed to call Company B to find out what happened.
I called Company B today and discovered that the stock options were moved to E-Trade during the acquisition back at the end of '05. They also said that they normally mail out a closing statement which provides 3 months to exercise after ending employment with the company.
I have no recollection of being informed of the transfer to ETrade or of having received a letter after leaving the company. I have been monitoring the stock options in my Smith Barney account since I was with Company A and, even today, all my stock options are listed there with the current market price and current market value.
Company B says they will not reinstate my stock options so I can exercise.
The market price today is roughly equivalent to the market price during the 3 month window I had to exercise back in Nov '06. The net proceeds would be approximately $14000.
Is there anything I can do to recover?
Any advice will be very appreciated!
Thanks,
Jeremy
I'm looking to recover an approximate $14,000 loss from unexercised stock options.
This is what happened...
While at a 5000 person corporation (Company A), I accumulated several stock option grants which were held with Smith Barney. The 5000 person corporation was acquired by a 50k person corporation (Company B) in Sept '05.
I stayed with Company B until Nov '06. When I left Company B, I didn't have an exit interview or receive anything in the mail regarding my departure. I thought that was unusual.
I continued to track my stock option grants in my Smith Barney account since I left. In the Smith Barney account, it says that my earliest expiration date for exercising my stock options is 5/1/09. It still says this today and all my stock options are still listed in my Smith Barney account.
I recently attempted to exercise my stock options with Smith Barney and was unable to. I called Smith Barney today and they said that the account was restricted that and I needed to call Company B to find out what happened.
I called Company B today and discovered that the stock options were moved to E-Trade during the acquisition back at the end of '05. They also said that they normally mail out a closing statement which provides 3 months to exercise after ending employment with the company.
I have no recollection of being informed of the transfer to ETrade or of having received a letter after leaving the company. I have been monitoring the stock options in my Smith Barney account since I was with Company A and, even today, all my stock options are listed there with the current market price and current market value.
Company B says they will not reinstate my stock options so I can exercise.
The market price today is roughly equivalent to the market price during the 3 month window I had to exercise back in Nov '06. The net proceeds would be approximately $14000.
Is there anything I can do to recover?
Any advice will be very appreciated!
Thanks,
Jeremy