Is anyway to sue Rick or management? At the moment of persuading employee of invest in the company, they said the 9% interest, but never mention they could hold the your money even after you left company.
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Stop lying to yourselves and just move on. All your funny money shares are worth exactly $0. Any legal action chances you it won’t go anywhere. Take your lesson learned.
Another one here for a class-action law-suite. How can we get all together?
You can't sue a bookie when you lose a bet and that's what you did when you bought the stock, placed a big bet on the management of the company that they would do a good job.
I didn't take that bet, I didn't trust those at the top and was seemingly proven to be right.
I feel for you, but never bet with what you cannot afford to lose.
If anyone start a class-action law-suite against TB. Will join
So does this restructuring send the class A share to $0 ?
The root problem is the TB representative lied -- he said no risk/high yield, kind of employee incentive plan for the Class A stock. His words during meeting was very different from the contract. May be a class suite over TB?
You can always sue, but you’ll probably lose, and lose even more money doing it. I think the best you can hope for is that they’d settle for more than your lawyer costs for the sake of avoiding bad publicity. But if this company cared that much about bad publicity they would be pretending their stock wasn’t worthless and buying it back in the first place.
I believe the original agreement said they had the right to buy back at their discretion when you left—not the obligation. You, however, are obligated to sell if they decide to buy.
Are they not buying back class A shares when employees leave now?
With the right contract lawyers, legal jargon, and your signature, they can just about steal money from you. I never bought into the Class A’s because my instincts were telling me this was more a Ponzi scheme than Riverbed doing it’s people right.
Curious about this, was class A stock offered to new hires after TB took it private ?
I was under impression that Class A was only offered to original employees at the time TB took it private ?
So the conclusion is CEO can cheat in company meetings and not talk about all bad side at all. Today when doing any refinance you are guaranteed to get explained about every thing.
I would suggest to read Employee purchase agreement you had to sign to purchase(invest in) Class A Common Stock/Class B Common Stock (Paragraph 2. Repurchase Option)