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