[birken]

First of all, talk to a lawyer, most of the people here have no clue what they are talking about.

Any shareholder of the company has shareholder rights, and in fact you would get a vote on any change in ownership of the company (of course your vote probably wouldn't matter at all, but you still have one). Another of these rights is that the executives of a company have a fiduciary duty to all shareholders in their decision making. However I can imagine situations in which the story you've described is both completely reasonable, or situations in which it is grossly illegal. But of course it would only be illegal if one or many shareholders sued the company and won, which is where the lawyer comes in.

There is no sense in sharing any more details here on HN, find a lawyer, talk with them in detail about the situation and listen to their advice.