Stock Option Freeze

I am a regular employee (ie, non-executive) at a company that is in the process of restating earnings after it was determined that stock options were incorrectly adjusted (though, my options weren't adjusted). Because of this, the company has put a hold on all options. My problem is that I exercised some options some time ago, and I decided to hold them. Last week I tried to sell options that I had exercised, and my broker told me that my company has blocked any trades on those options. Is this legal? Has anyone experienced this before? I've paid for these options and now I can't sell them? It doesn't seem right and I'm thinking I should talk to a lawyer.
Reply to
james_montana
wrote:
Your description doesn't make sense to me. AFAIK "exercising" an option means buying the stock at the option price. Thus you would no longer have the options you exercised back then.
Please clarify.
Reply to
Phil Marti
I agree with Phil. If you exercised the options, you now own the stock, not the options. Has your company blocked trades on the stock you acquired by exercising your options? Did the terms of the option require you to hold the stock for some specified period before selling it? Katie in San Diego
Reply to
Katie

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.