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12.10.2020 17:30
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Genius Brands International, Inc. (GNUS) Investors
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PR Newswire
LOS ANGELES, Oct. 12, 2020
LOS ANGELES, Oct. 12, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Genius Brands International, Inc. ("Genius" or the "Company") (NASDAQ: GNUS) securities between March 17, 2020 and July 5, 2020, inclusive (the "Class Period"). Genius investors have until October 19, 2020 to file a lead plaintiff motion.
On June 5, 2020, Hindenburg Research published a report questioning the valuation of the Company and highlighting certain inaccurate statements by Genius. For example, the report stated that Rainbow Rangers, one of the Company's cartoon properties, was actually airing nine times per week, not the 26-airings noted in Genius' press release, and was not airing in favorable time slots.
On this news, the Company's share price fell $0.92, or over 13%, to close at $5.94 on June 5, 2020, thereby damaging investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Nickelodeon's purported broadcast expansion of Genius's Rainbow Rangers cartoon; (2) that subscription fees for the Kartoon Channel!; and (3) the Company's growth potential and overall prospects as a company.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Genius securities during the Class Period, you may move the Court no later than October 19, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Genius securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles
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