IsZo Files Suit Against Nam Tai Property Over Share Sale (1)

An investment firm campaigning for change at Chinese developer Nam Tai Property Inc. has filed a lawsuit against the New York-listed company and its largest shareholder Kaisa Group Holdings Ltd., over a $170 million private placement of shares earlier this month.

New York-based IsZo Capital Management, which owned about 9.9% of Nam Tai before the share sale, has taken legal action against the placement in the Eastern Caribbean Supreme Court in the British Virgin Islands, according to a court filing seen by Bloomberg News. The suit also named the participants in the placement including Greater Sail, a wholly-owned ...