By October 25, 2001, Enron had sent no fewer than three emails to employees, reminding them that the Enron savings plan would be changing administrators and that they must finalize all trades by 3pm October 26 because they could not touch it again until November 20, 2001. This was the last email that went out:
Anti-Enron people screech that Enron “locked out” its employees so they couldn’t sell their stock as the price was tumbling. This is simply not true. Furthermore, Enron’s actions actually helped employees.
On October 25, 2001 the stock price closed at $16.35.
On November 19, 2001 – the day before they could sell – it closed at $9.06. It was recovering slightly after having hit a low of $8.41 during that time period. It was climbing out.
Then on November 20, 2001, there was another huge sell-off. The price fell to $6.99, losing 22.8% of the value in that single day.
The stock would last only one week after the sell-off, dropping below a dollar.