I had 1,000 shares of Topcon in my SEP IRA account feom when it was $7 per share. They announced they were going private at a price per share of around $20. I assumed like other shares i owned in other companies it will get transferred back into cash and added to my account.
Shares and value of shares disappeared around December 5th. Called bank and they said they will look into it. 4 weeks later, still no call back so I called them back. They said Topcon offered a single share of something for every 21,000 shares you owned. They said since I only owned 1,000 shares, it was all dissolved to a value of zero.
That doesn't sound right to me that they can just take over $20,000 from me and walk away. I've reached out to Topcon investment relations last week but haven't heard back yet.
Any thoughts if I'm 100% screwed or what?