Hacker News story: Ask HN: I exercised my options on leaving a company – now told they're 'void'

Ask HN: I exercised my options on leaving a company – now told they're 'void'
I worked at a company in Canada, which was incorporated in the US. After leaving the company I decided to purchase my options, because I thought it could be worth the gamble. Fast forward a few years later, the company is acquired and we've been informed that all our stock is now void and we won't get anything. The stock I got was common stock. I'm really just curious if this legal. I can understand if we got a little bit back, or if we got shares in the new company. Also, I understand that shares will get voided in case of bankruptcy, but that doesn't seem to be the case. When getting common stock, are we completely slaves to whether or not the company feels like honoring them? 3 comments on Hacker News.
I worked at a company in Canada, which was incorporated in the US. After leaving the company I decided to purchase my options, because I thought it could be worth the gamble. Fast forward a few years later, the company is acquired and we've been informed that all our stock is now void and we won't get anything. The stock I got was common stock. I'm really just curious if this legal. I can understand if we got a little bit back, or if we got shares in the new company. Also, I understand that shares will get voided in case of bankruptcy, but that doesn't seem to be the case. When getting common stock, are we completely slaves to whether or not the company feels like honoring them?