I made an investment into a Nevada registered company, which acquired a web property in###-###-#### The acquisition did not go too well but there is positive cash flow coming from the portal, but I have been kept in the dark, have not received any annual reports, dividends etc. Additionally company manager has turned my shares into another company shares (despite I did not give my consent to enter into a new much riskier plan) and has pursued another strategy and the situation is a mess.
I am EU citizen and don’t know the US corporate law and was wondering if anyone could help quickly look through my situation and perhaps there are clear things i could/should do?
Also, is there a company registry where I could purchase annual reports for the companies, to see whats going on? I am from Estonia, European Union and can purchase any company annual report for 2€ per piece.
Also depends on what type of agreement you have with the company manager. You really need to consult with attorneys. Often times it is easier and better to write-off the loss then to try to pursue it.
You can sue the company manager for fraud and other stuff in civil court but you will have to be certain that there is fund through which you can get paid (if you win). If you lose, now you have to pay for their legal costs.
I'm assuming you invested in a holding company which was a LLC. Did you see the company formation document? Are you a listed owner in the company formation document? The thing with Nevada is that it has fairly strong anonymity factor. So it might be hard to figure out the real owners of the company, what is being transacted through that company? It is possible that the holding llc has not received anything back from the operating company because the company manager is robbing the piggy bank.
I do not know your full situation so I am making guesses/
Lastly, since you are in EU you will have to make frequent trips to US if you are pursuing the legal route. This means additional costs plus probably loss of revenue and focus in whatever activity you are doing. However, if you are the go-getter attitude and have a management team in place who can run your business in your absence then go for it.
Lastly, I would look towards filing complaints through SEC, Nevada state and etc and have the govt chase them. Govt has unlimited resources to go after the bad apples.