Do I have any rights for bad stock options?

My husband has 1205 stock options all of which are worth nothing after 8 years of service. The company has been so kind as to offer a whopping $269.55 for ALL of the stock. Do we have any legal rights to ask for a better compensation.
They did have some major problems with SEC and were taken off the market because of it. Now they are back on. The company is Maxim Integrated Products or MXIM on the market.

Public Comments

1. You have the right to ask but they have the right to say no.

2. I am not an attorney but I am a Registered Options Principle (options compliance officer/ supervisor).

Options are just like they sound. You had an OPTION to make money IF the option increased in value above the option "strike price."

If the option is below the strike price, then the option is only worth what time value is left it the underline stock. In other words, it sounds as if the option is worthless.

I can pretty much tell you that you will not have any shot of success to sue and try to recover money from your options unless the company committed some fraud. If they are just in a bad business, there is nothing you can do.

What is the stock? Publicly traded?