Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Genius Brands International, Inc. (GNUS)

LOS ANGELES, Oct. 1, 2020 /PRNewswire/ — Glancy Prongay & Murray LLP («GPM») reminds investors of the upcoming October 19, 2020 deadline…

LOS ANGELES, Oct. 1, 2020 /PRNewswire/ — Glancy Prongay & Murray LLP («GPM») 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 or otherwise acquired Genius Brands International, Inc. («Genius» or «the Company») (NASDAQ: GNUS) securities between March 17, 2020, and July 5, 2020, inclusive (the «Class Period»).

If you suffered a loss on your Genius investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/genius-brands-international-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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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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 Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.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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SOURCE Glancy Prongay & Murray LLP