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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118778
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I have invested in a firm, Zero Gravity Solutions Inc. back

Customer Question

I have invested in a firm, Zero Gravity Solutions Inc. back in 2012. I own 500,000 shares. The firm is traded on the Pink Sheets (OTC) and has risen to $13.50 today (more than I paid), but I am told that I can not sell any shares. The transfer agency V Stock Transfers, has been polite. I submitted my attorney's legal opinion and my certificate to have all restrictions removed from my certificate, still no brokerage will handle the sales due to the very limited volume of sales. When the market closes, the sale price changes to $1,500 per share, then returns to $20.00 or so once the market opens. The firm has not held a stockholders meeting for more than a year and is not current on their SEC reporting. Here is the report from the iHub web site: http://ih.advfn.com/stock-market/USOTC/zero-gravity-solutions-inc-pn-ZGSI/stock-price#1m Is this a scam? What recourses do I have? Please advise. Thank you! *****: Oh, dear. I'm sure the Fraud Examiner can help you. Is there anything else important you think the Fraud Examiner should know?
Customer: You can contact me at***@******.*** or***@******.*** should you have any questions or need further data. I am looking to sell at least $500,000 worth to recover my outlay, but can't seem to find a "home" for it.
Submitted: 5 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 5 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Bloomberg does not show anything near what you are saying happens with the closing price going to $1500 per share. It shows previous close at $13.60 and average of $6 to $25.
You need to find a broker that handles OTC sales and if you cannot find one or they are declining because of the corporate transactions being low, then your next step is going to be first to pursue the company. The company by law must have at least an annual meeting and if they are not doing so and are not reporting as they are supposed to do, then you need to file a shareholder action against them to force them to hold a meeting and perhaps seek to force them to buy back your shares as well.
The company is not doing all that well so financially they may be on the verge of bankruptcy themselves.
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