I own common stock in Infoglide, an Austin Texas technology company. I was an original employee and paid cash to turn my options into common stock. The company has been purchased by Fair Issac(FICO). I received a filing today that says the Infoglide Board had created a Preferred series of stock that only they own and that stock will be purchased by Fair Issac and all other stock including common stock is now worthless. Can they do that. Is this legal?
1 Answer from Attorneys
Generally, they could do that if proper authorization was given by board and/or shareholders and you get adequately compensated. Your documents would need to be reviewed to determine all is legal in your case.
Feel free to contact my office at your earliest convenience if you would like to have the docs reviewed. The review itself should not be costly and you'll know if you need to further pursue the matter.
Roman R. Fichman, Esq.
www.TheLegalist.com │ @TheLegalist
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