Stock ownership dispute

[dan1957]

What is the name of your state? New York

I received stock options as a bonus from a major corporation. When I left the company I subsequently exercised the options and recieved the stock certificates in 1997. Since then I have been getting dividends from the stock. Recently the company is telling me that a "global stop" was placed on the stock and that the company that gave me the stock claims it was issued in error. Apparently the global stop was placed in 1998 even though I have been getting dividends all along from 1997 to the present.

The company had my address all along and never notified me of this stop. In fact I only found out about it in a round about way after I contacted the company that administers the stock. I encountered an error on their web site which they initially thought was a software error, but subsequently found out that it was occurring because of a global stop on the stock.

What are my rights here? Do they have a right to place this global stop on the stock and not allow me to sell it? Five years is a long time. I don't believe that stock was issued in error. Is there a statute of limitations that applies here?

dan

 

[vrzirn]

I suggest you contact the following with your questions:
1.The SEC
2. The legal department of the corp
3. The legal department of your brokerage house. Even if you hold the certificates they may be able to answer your questions.

 

[ALawyer]

There has to be some basis for a stop -- and if you do not like the answer you get as to why the stop was placed on the shares, see a lawyer fast.