Shares of Nam Tai Property (NYSE: NTP) , a China-based owner, developer, and operator of technology parks, spiked today after a court handed down a ruling involving a lawsuit between Nam Tai and one of its shareholders, IsZo Capital Management.
The stock was up by as much as 31.5% today and had gained 16.8% as of 3:10 p.m. EST.
IsZo Capital, which owns about 11% of Nam Tai's outstanding shares, said today that a court ruled in its favor against Nam Tai's $170 million private placement, which distributed more than 18 million shares to Kaisa Group Holdings Limited and other companies.
For further details see:
Why Nam Tai Property Stock Jumped Today