The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Genius Brands International, Inc. (GNUS)
The Law Offices of Frank R. Cruz reminds investors of the upcoming October 19, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Genius (News - Alert) Brands International, Inc. ("Genius" or the "Company") (NASDAQ: GNUS) securities between March 17, 2020 and July 5, 2020, inclusive (the "Class Period").
If you are a shareholder who suffered a loss, click here to participate.
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 reort 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.
If you purchased or otherwise acquired Genius securities during the Class Period, you may move the Court no later than October 19, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 firstname.lastname@example.org, 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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