GENIUS BRANDS INTERNATIONAL, INC. CLASS ACTION ALERT: WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP REMINDS INVESTORS THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED ON BEHALF OF SHAREHOLDERS OF GENIUS BRANDS INTERNATIONAL, INC. IN THE UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA
NEW YORK, Oct. 5, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of shareholders of Genius Brands International, Inc. ("Genius Brands" or the "Company") (NASDAQ: GNUS) who purchased or otherwise acquired Genius Brands securities between March 17, 2020 and July 5, 2020, both dates inclusive (the "Class Period").
All investors who purchased shares of Genius Brands International, Inc.and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Genius Brands International, Inc.,you may,no later than October 19, 2020, request that the Court appoint you lead plaintiff of the proposed class.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading and/or failed to disclose that material adverse regarding the launch of the Kartoon Channel! app. The lawsuit continues to allege that Genius Brands made false and misleading statements about Nickelodeon's claimed broadcast expansion of Genius Brands' Rainbow Rangers cartoon, as well as its growth potential and overall prospects as a company.
On June 5, 2020, Hindenburg Research published a report entitled "A Bagholder's Guide to Why We Think Genius Brands Will Be a $1.50 Stock Within a Month" (the "Hindenburg Report"). The Hindenburg Report questioned the Company's actual value, noting that contrary to Genius's representations, the Company's highly-touted cartoon property "Rainbow Rangers" was airing only nine times per week, rather than 26 times as Genius had previously represented, and at unfavorable time slots.
On July 2, 2020, Genius issued a press release touting the announcement of a purported "Key Business Development" on July 6, 2020. However, the July 6, 2020 announcement merely touted the creation of a joint venture with POW! Entertainment regarding intellectual property that was created by Stan Lee after his tenure at Marvel Entertainment.
On this underwhelming news, Genius's stock price fell $0.89 per share, or 25.07%, to close at $2.66 per share on July 6, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.