Why isn't this considered wage theft? "“All Common Stock will be canceled for no consideration and all Options will be canceled and extinguished for no consideration,” "
Apparently employees were given stock options, and were encouraged to buy stock - ALL shares held by employees were Common Stock. When Private Equity bought the company, the shares were declared worthless (of course the the CEO, etc all will receive payouts).
https://missionlocal.org/2025/07/philz-coffee-private-equity-sell/
Creative #WageTheft & #BrokenPromises brought to you by #PrivateEquity