I worked with a company for 7 months. During my employment was given "fully paid and nonassessable shares of common stock." I have since left the company. I have a couple questions as I don't know much about stock.
1. Is this still my stock?
2. Can I sell this stock (at the time I was told I had to wait 6 months, which has since passed)
3. Can I buy stock in the company online? Or is this illegal since I used to work for them?
2 Answers from Attorneys
Generally speaking, if one owns fully paid and nonassessable shares of common stock then one in fact owns such stock free and clear. If the company is a publicly traded company then generally one can buy and sell its stock freely assuming the company did not IPO recently or assuming there aren't any other trading restrictions imposed on (former) employees. If the company is not publicly traded then the stock certificate and the paperwork that accompanied the stock grant need to be carefully reviewed to render an opinion.
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Sounds like you own the stock, but to be sure I need to see the stock certificates and find out more information.
You need a lawyer to sit down with you and give you some advice.
I can explain things in detail in person after we talk. I will explain what legal issues I see, and what I can do to assist you.
This will be a free consultation. After we talk, you can decide what you would like to do.
Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.
Robert Davies, Esq. 201-820-3460
The Davies Law Firm, P.A.
45 Essex Street, Suite 3 West
Hackensack New Jersey 07601
AND NOW THE DISCLAIMER:
Please keep in mind that my response is just a general comment on your question, and not legal advice. I have answered based upon the law of the State of New Jersey where I practice; the laws in other states may be very different, and may result in very different outcomes. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the response I gave. You can not rely upon what I have written as legal advice, because I do not have all of the information that I need to advise you, I only have the very small amount of information that you put into your question. To get legal advice that you can rely on and use, please contact me directly.
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