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Genius Brands International, Inc.

Company NameGenius Brands International, Inc.
Stock SymbolGNUS
Class PeriodMarch 17, 2020 to July 05, 2020
Lead Plaintiff Motion DeadlineOctober 19, 2020

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.

 

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