Landis Rath & Cobb recently obtained novel relief for a minority stockholder of ZST Digital Networks, Inc., a telecommunications company based in China that conducted a U.S. initial public offering in 2009 and then, in mid-2012, suddenly went “dark” and ceased communicating with its U.S.-based investors. After ZST refused to comply with a books and records demand pursuant to 8 Del. C. § 220 for financial information and ZST refused to comply, LRC’s client brought suit in the Delaware Court of Chancery and obtained a default judgment. When ZST failed to comply with the default judgment, LRC then successfully moved for significant contempt sanctions, including the right for its client to “put” his shares to ZST at a value derived from ZST’s public filings, as well as the appointment of a receiver to enforce ZST’s compliance with the Court’s orders. LRC currently represents the Court-appointed receiver.
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