NEW YORK, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, today announced that it has filed a class action lawsuit against Genius Brands International, Inc. (“Genius” or the “Company”) and Chief Executive Officer Andy Heyward (collectively, “Defendants”).
The action, which was filed in the U.S. District Court for the Central District of California and captioned Verdin v. Genius Brands Int’l, Inc., No. 2:20-cv-07457, asserts claims under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §§78j(b), and 78t(a), on behalf of investors who purchased or otherwise acquired common shares of Genius Brands (sold under the ticker symbol “GNUS” on the NASDAQ Market in the United States) from March 17, 2020 through July 5, 2020, inclusive (the “Class Period”), and who were damaged thereby.
Genius is a multimedia company that licenses entertainment content for children.
The complaint alleges that Defendants violated provisions of the Exchange Act by making false and misleading statements concerning Genius’s Rainbow Rangers intellectual property, the Kartoon Channel! app that Genius launched in June of 2020, as well as its joint venture relating to intellectual property associated with Marvel creator Stan Lee.
On July 6, 2020, after Genius announced the creation of a joint venture with POW! Entertainment regarding the intellectual property Stan Lee created following his tenure at Marvel Entertainment, Genius’s share price declined over 25% to close at $2.66 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from the date of this notice. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain a member of the proposed class.
If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact Plaintiff’s counsel, Joe Pettigrew of Scott+Scott, at (844) 818-6982 or via email at jpettigrew@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Ohio, and Virginia.
CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, New York, NY 10169
(844) 818-6982
jpettigrew@scott-scott.com