Shareholders with losses exceeding $100,000 are encouraged to contact the firm
BENSALEM, Pa.–(BUSINESS WIRE)–$GNUS #classaction–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Genius investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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: (i) that Nickelodeon’s purported Rainbow Rangers expansion was temporary and/or overstated; (ii) that the Kartoon Channel! would be subject to subscription fees through Amazon Prime; and (iii) that the Kartoon Channel! had little viability for future growth for Genius.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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