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How long after a company comes out of chapter 11 bankruptcy do they have to cancel their old ticker symbol?

Asked over 2 years ago - Philadelphia, PA

I purchased stock in a company years ago after they came out of chapter 11 bankruptcy and I am told my shares will not be transferred over to the new ticker symbol in the new reorganized company. They are saying I still purchased the old stock symbol even after they came out of their bankruptcy and had a new ticker symbol. Is that possible?

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Also, is there any statue of limitations on something like this? When I purchased the shares in the company the stock value was not 0.0001. The ticker symbol had a much larger monetary value that you paid for the stock. I still have the shares of this company in my account listed under the old ticker symbol worth 0.0001 and the reorganized company is doing great, dealing with millions in profits.

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Attorney answers (1)

Daniel Mark Press

Reputation Level 13

Answered about 2 years ago. Bankruptcy Attorney in Mc Lean, VA.

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Probably what happened is that the old shares were cancelled, and new shares issued in what is essentially a new company. If you bought old company shares thinking they were reorganized company shares, you got duped and may have a claim for securities fraud or a claim against your broker. The old shares will not be transferred over.

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