BOSTON, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that a securities class action has been filed against Genius Brands International, Inc. (NASDAQ: GNUS) and certain of its executives. Investors who purchased shares of Genius Brands between March 17, 2020 and July 5, 2020 and who lost money are encouraged to contact the firm for a free case evaluation.
Genius Brands is a California-based educational multimedia company. On June 15, 2020, Genius Brands launched the “Kartoon Channel!,” an app which Genius Brands touted as “Netflix for Kids.” The lawsuit alleges that Genius Brands made false and misleading statements and omitted material information in connection with the launch of the Kartoon Channel! app. The lawsuit further alleges that Genius Brands made false and misleading statements about Nickelodeon’s purported broadcast expansion of Genius Brands’ Rainbow Rangers cartoon, as well as the Company’s growth potential and overall prospects as a company. Genius Brands shares are currently trading below $2.00 per share, after reaching a high of $11.73 in the lead up to the launch of Kartoon Channel!.
The lawsuit was filed in the U.S. District Court for the Central District of California, and is captioned Verdin v. Genius Brands Int’l, Inc., et al., No. 2:20-cv-07457. Investors have 60 days from the date the case was filed to move the court to be appointed lead plaintiff.
If you purchased or acquired shares of Genius Brands and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or at https://www.blockleviton.com/cases/gnus.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP
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Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
