If you want to be able to sell a restricted stock on the public market, then you need to have the restrictive legend removed by a qualified transfer agent. Your failure to do so is a violation of the Securities Act of 1933. While this may seem like a complicated process, if you find a trusted attorney, you can have the restrictive legend removed from a stock certificate fairly quickly.
In order to have the restrictive legend officially removed, you must have a letter from a licensed attorney that provides an opinion in favor of removing the restrictive legend. Without the opinion letter from an attorney, the transfer agent has no authority to remove the restrictive legend from the stock certificate, and the stock cannot be sold on the public market.
Contact Experienced Orange County Securities Attorneys Today
The dynamic attorneys at FitzGerald Yap Kreditor’s Corporate and Securities department are standing by to assist with the expedient removal of restrictive legends. Call Lynne Bolduc at (949) 788-8900 or visit our new website at www.144opinions.com to find out how we can help you with a flat-rate legal opinion for the removal of restrictive legends from stock certificates. We are standing by to serve you effectively and at your convenience.