I'm sure you're also going to have all the former countrywide employees screaming bloody murder when there stock/options are worthless, and there 401k which they elected to buy company stock tanks., just like enron employees. Of course no one complains when things are going up.
Sorry, if folks don't diversify and get burned, it's no one else's fault but themselves. Case in point, I'm 70% long equities. And when,if a recession hits, I'm not going to be blaming anyone if I take it in the shorts. Or, maybe I should ask for a bailout too.
This lawsuit is all too predictable.
Here's typically what happens.
1)Company offers 401k plan with the options to buy company stock
2)Employees sees company stock run up.
3)Beyond buying espp shares, having stock options, employee buys stock in 401k plan.
4)Stock keeps going up, employees are estatic and dream of riches. Does not sell any espp shares, does not exercise in the money options, does not sell 401k plan purchases.
5)Stock tanks because of some event. Employees get canned, stock options worthless, espp shares underwater, 401k shares decimated
6)Screwed employees screw bloody murder, blames company for not properly "educating" them about diversification. Of cousre they don't read the espp prospectives, nor the 401k prospectives, nor anything else that is available to them. They consider themselves "victims".
7)Lawsuits started, "victims" testify in front of a judge wailing about how they lost a lot of money
8)No real settlement is reached, and even if so, most of it goes to the lawyers.
One problem that all these employees always have when they see there stock go up. GREED. No one complains when things are going up crazy. But someone always has to pay when the stock tanks.
You would have thought people would have learned their lesson from Enron, WorldCon, Adelphia, Lucent, Nortel, etc,etc,etc,etc,etc. Of course, "this time it's different".
