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JNJ Stocks & 401K


Guest rpescev
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Guest rpescev

Dear Sir or Madam:

Allow me to introduce myself. My name is Ramon N. Pescevich and I

worked for Johnson & Johnson until 1995 when downsizing occured. Last

month I received a letter from my former employer telling me that I

would receive a cash dividend check from my 401K which I would pay a tax

on. The company is expected to save millions with this move. I was also

informed in the letter that the checks are to be paid out quarterly

starting at the beginning of this month. I wanted to set up a DRIP. I

purchased 1 share of JNJ stock and with this check I plan on reinvesting

into JNJ stock. So far the telephone lines for JNJ where down for 5

days. They had an option 9 for the people who are affected by this to

call that number. There is no more option 9 at the voice prompt.

Stocks for JNJ at the beginning of the month

were $70-$75. Today JNJ stock is at $80. Why am I going to spend my

cash dividend buying JNJ stock at $80 a share when I could have brought

that same stock at $70 a share? Why is JNJ doing this to their former

employees? Are there any legal actions that one can take so that one

can purchase these shares in a timely manner? Who is getting this money

with their delays? Hoping to hear from you soon. I would like to thank

you for your time.

Yours truly,

Ramon N. Pescevich

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